Explained: Easy options other than taking loans to pay out 2023 UAE college fees

Explained: Easy options other than taking loans to pay out 2023 UAE college fees

Dubai: With the UAE’s college admission season approaching, parents will have to consider taking on higher interest rate bearing loans if they haven’t made adequate budgeting. In many cases, parents find they are falling short on the savings side as the Covid scenario upended even the most meticulous planning. Some had been relying on setting aside their annual bonuses for the education purposes - and those bonuses never came. Others had difficulty on the job situation and an alternate employment option may have come through later than they expected. A recent GCC-wide survey by the insurer Zurich International found 87 per cent of UAE parents polled were anxious about the tuition fees for their children’s higher education. Only 38 per cent had an education savings plan in place, and 39 per cent of families in the UAE were digging deeper into their savings to pay for the course fees. In comparison, 15 per cent resorted to taking personal loans to take care of the needs. One major positive for parents would be many popular colleges in the UAE are refraining from raising course fees for the 2023 intakes. In addition, varsities are easing the path by offering fairly generous scholarships