As some schools gear up to reopen, this means a fresh new year for students and an influx of fresh new expenses for parents, from transportation to school supplies to hefty tuition fees.
When added all up, the numbers may look overwhelming, but there are ways to stay on top of your child’s school expenses. Assess how much you will need to set aside for the entire school year. That amount could range from as low as P50,000 to as high as P500,000 depending on where your child is studying plus the uniforms, school supplies, books, and other things that your child may need. Once you have pegged that amount, you can start saving a portion of your income to contribute to the education fund.
As tuition fees can take up to 70 percent of the expenses, review the tuition packages in detail so that you’ll know what’s covered—some may already include books, supplies, and other essentials. Coordinate with the school regarding the payment schedules and choose the option that works well with your financial situation.
But if you find yourself short on funds at the moment, universal bank EastWest offers a solution to help manage these outgoing expenses—through personal loans.
With EastWest’s Personal Loan, customers can borrow anywhere from PHP 25,000.00 to PHP 2,000,000.00 for any financing need they might have. This will only require a one-time processing fee of PHP 1,900.00 which will be deducted from the loan proceeds. On average, it takes up five to seven days to process the loan application upon submission of complete requirements.
They can also experience lighter monthly installment payments to help them better manage their cash flow, with available financing terms of 12, 18, 24, and 36 months at competitive interest rates. The monthly installment rates range from 1.49%-1.69% (for EastWest credit cardholders of at least 12 months) and 1.89% (for non-credit cardholders or credit cardholders of less than 12 months).
To help you decide, there is a loan amortization calculator on the website that you may use to help you choose the most affordable and manageable payment term for your desired loan amount.
A child’s education is one of the top financial obligations in a household, and managing it is certainly doable with advanced planning and a reliable bank partner.