According to a UNESCO report in 2022, there were about 244 million out-of-school children in the world with sub-Saharan Africa accounting for 98 million out of that staggering figure. The only way to stem the tide of this heartbreaking situation is to ensure that funds are readily available to give them quality education. Funding your child’s education can be a significant financial commitment, but there are ways you can go about covering the costs. Here are 5 approaches that can help you fund your kid’s education:
Savings
Saving towards a goal is one of the greatest life hacks that ever existed. Not only do you achieve what you set out to achieve, but you also learn the habit of discipline. It is advisable that you start saving early towards your kid’s education so that it doesn’t become too much of a burden when the time eventually comes. There are savings accounts like the Kiddies and Teens accounts that are tailored towards saving for your kid’s future.
Investments
Investing in your kid’s future is one of the biggest gifts you could ever give them. You can set aside some properties or other valuable assets in a trust fund for your kids, to be used specifically to fund their education. That way, you can rest assured that their education is secured.
Scholarships
Research scholarships and encourage your child to excel academically and apply for them. If they are selected, some level of financial stress will be taken from you. UBA Plc is offering a N200k scholarship in the Super Savers draw to assist with school supplies.
Loans
This is another way to fund your child’s education. There are loans that are packaged to take care of schooling. You can also take a personal loan for this purpose. You could get as much as N30 million when you apply for a personal loan at UBA Plc. The interest rate is quite competitive and the repayment plan is very flexible.
Grants
Find out about your child’s eligibility for educational grants and apply. There are government agencies and private organisations that give grants to students who qualify. One of such private organisations is the UBA Foundation. The UBA Foundation offers students up to N5 million in educational grants to any university of their choice within Africa if they come tops in the foundation’s annual National Essay Competition (NEC). These grants go a long way in funding their education. Grants are sometimes huge enough to cover the total cost of education.
Education is a major driver of economic prosperity and stability for this fact, UBA Plc is always there to bridge the gap to your kid’s future with the offerings in the Back to School Campaign. Giving your child quality education should be the topmost of your priority. These approaches can save you the worry of how to finance your child’s education.
For more info on how to fund your child’s education, visit Back to School Campaign.
