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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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14. Planning for Tertiary Education

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Introduction

“Give your child a fish and you will feed him for a day; teach him to fish, and you will feed him for a lifetime”. For many parents, education is the best gift they can give their children. No wonder they wring their hands in despair whenever universities raise tuition fees. The high cost of tertiary education is certainly a heavy burden for many families. For example, the annual tuition fee charged by private US universities in 2009 was about US$25,000. Assuming an inflation rate of 5% a year, university tuition fees will balloon to US$60,165 in 18 years’ time and rise each year thereafter. If ...

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