26
filipino globe
money matters May 2008
If college fees bite, fight back
with a solid educational plan
F
or many OFWs who are
OFWWIsE
Many colleges have very good
spending for the tuition of their
be your own boss
student assistance programs.
children, brothers or sisters, And speaking of scholarships,
the cost of education will always if you think your child has what it
be one their biggest expenditure, takes, there is the Philippine Military
along with food, clothing, medicine, Academy and the University of the
utilities, books, school allowance and Philippines to consider.
transportation. The cost of education
Herbie
In high school, there is the
escalates and peaks at the college
Sancianco
Philippine Science High School
level. which will be the foundation for
OFWs who are paying for two getting a scholarship in UP and other
college students find that there are top universities abroad.
bigger expenses during the enrolment college education is not. Buying an Many of the premier banks in
period, even if they avail of the educational plan while the child in Manila have a college education
school’s instalment plan grade school makes sense, especially layaway plan that’s very affordable
With money tied up in school in the long run. and easy on the pocket for the
expenses, they often discover I have enrolled two of my three monthly payments.
that there’s not enough left for daughters in a college education Shop around for a good deal and
emergencies. plan. I was not able to do this for a payment term that you believe is
Also, at some point during the my eldest child because at that time, financially suitable for you.
schooling of the beneficiary, any pre-need educational plans were not I recommend that you enrol in a
reduction in the OFW’s remittance widely available. bank’s pre-need plan because banks
could result in drastic changes. The In my survey of various schools, are more reliable for this kind of
student might be forced to shift to the average annual college tuition fee service. Moreover, there is no need
A housing backlog is expected to ease with the launch of the micro-finance product by DBP and the Housing and Urban Development Coordinating Council.
a cheaper course, transfer to a less is P80,000 on the low side. Hence, to deal with an agent since all you
expensive school, or quit altogether. you have to be prepared to spend at have to do is go to a bank and see the
This in turn can have unwanted least P400,000 for a four-year course. customer service personnel who can
family and social consequences, In five years, this amount could rise do the paperwork for you.
not to mention a potential personal by at least 35 per cent.
DBP offers housing micro-loans
problem for the student. If your child has excellent grades,
Herbie Sancianco is a professor in
While the cost of sending a child I recommend you apply for a
the graduate school for continuing
to grade school and high school scholarship so that around 80 per
education, De La Salle College of
is affordable for most people, a cent of the cost can be discounted.
St Benilde, Manila
Product to allow low-income applicants to buy property with no collateral, less paperwork
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