Is NEP 2020 making education pricier? Here's the breakdown
What's the story
The National Education Policy (NEP) is set to transform India's educational landscape. Launched in 2020, it emphasizes holistic, flexible, multidisciplinary, and equitable education.
However, for Indian parents, grasping the financial realities of this shift is vital as they navigate saving for their children's education.
This article explores how the NEP might impact family budgets and saving strategies.
Early years
Increased focus on early childhood care
The NEP stresses that early childhood care and education (ECCE) for kids between three and eight is crucial.
This change implies that parents may have to start shelling out money for preschool education sooner than they used to.
While the government will fund public ECCE centers, the private preschools may witness a rise in demand, leading to higher costs for families who want quality early education.
Skill development
Emphasis on vocational training
The policy recommends introducing vocational training along with mainstream education starting from grade six.
This may result in extra costs for specialized courses or materials needed for skill development.
But, it also provides the advantage of students gaining practical skills earlier. This could potentially save money if it eliminates the need for post-secondary vocational training.
College planning
Increased flexibility in higher education choices
If NEP gets fully implemented and we indeed move to a more flexible higher education system with multiple entry and exit points, parents may need to rethink their college savings strategies.
Earning credits over a span of several years would certainly help distribute the cost of higher education.
However, it would also demand strategic financial planning to ensure funds are accessible when required.
Digital learning
Technology integration in education
NEP's emphasis on digital learning implies technology access shifts from being a luxury to a necessity.
Parents who haven't already will need to allocate budget for laptops, tablets, and dependable internet connections.
Although this poses an initial expense, digital resources also provide cost-saving opportunities via free online courses and materials.
Future-proofing
Planning for uncertainty
The shifting landscape of NEP implies that the cost of education will change.
Parents need to be prepared for this, and the key is to have a flexible financial plan.
Starting an education fund or choosing investments with easy liquidity will help you manage the costs of new-age education.
Understanding these potential impacts early will allow parents to better prepare for their children's educational futures under the new policy framework.