VM Wealth PEP Talk: Prepare for college now
Assistant Manager for Research at VM Wealth Management, Daren McGregor. (Photo: Marlon Reid)
Parents with children who have just completed the Primary Exit Profile (PEP) are being urged to start saving for their kids’ tertiary education in order to stave off the burden of the monumental costs that come with further education.
Assistant Manager for Research at VM Wealth Management, Daren McGregor, warned parents of the huge costs associated with sending their children to university and warned that they may not be able to foot the bill if they don’t start saving towards the goal.
“The earlier the better. It is definitely not something to put off for the last minute. If you have kids in primary school or just leaving primary school, now is the time to start saving because it gives you a good buffer,” McGregor said during his presentation at the VM Wealth Management hosted Life After PEP function at the Terra Nova Hotel in Kingston last Thursday evening.
It is every parent’s dream to see their children complete education at the tertiary level and become productive members of society, but the costs associated with higher earning can be prohibitive.
VM Wealth PEP talk
Click the gallery for more photos from the 'Life After PEP' Forum hosted by VM Wealth Management.
At present, it costs $1.32 million per year to finance a bachelor of science degree programme in civil engineering at the University of the West Indies (UWI). If a student is sponsored by the state it will cost some $650,000 per year for a course in medicine and surgery. If no sponsorship is forthcoming the cost is double.
Those costs do not include boarding, books and other ‘hidden’ costs.
Room and board at UWI presently cost from a minimum of $183,150 to a maximum of $528,910 per annum depending on the facility chosen. Books average about $50,000.
If a parent plans to send their children overseas to attend university those costs increase exponentially to an average of about $1.7 million per year for tuition only.
These prices are expected to keep rising as time passes.
This is why VM Wealth Management is offering various saving packages to assist parents in easing the financial burden of providing the best education for their children.