The cost of higher education has been a growing concern in many countries around the world. In recent years, the expense associated with pursuing a college or university degree has significantly increased. Taking this concern into account EduFund, an education-focused investment platform has created services including education loans, scholarships and education counselling for its users via its application, Eela Dubey, co-founder, EduFund, told FE Education. “In India, the education planning landscape is fragmented, which prompted us to develop a solution. While financial planners assist with saving for a child’s future, they may not offer loan recommendations or access to counsellors for career guidance. Our product fills this gap by providing comprehensive support for parents, including financial planning, loan options, and access to expert counsellors,” she said.
The investment platform claims to offer two types of assets – Indian mutual funds, which allow individuals to gain exposure to local markets and invest in a diversified portfolio. Additionally, they provide access to US stocks and Exchange-traded funds (ETFs). EduFund acts as a liaison between students and various counsellors across India. The counsellors themselves determine the cost of their services. EduFund operates as a connecting platform, linking students with suitable counsellors. “Many of our clients begin by saving in reliable mutual funds, and as we understand their financial goals, we can assist them in expanding their investment options. For example, if they have aspirations to send their children abroad for education, we can help them invest in US stocks and other suitable investments,” Dubey said.
The platform features a specialised tool called the ‘Cost Calculator’ tailored for higher education. EduFund claims that parents are well-informed about the total expenses associated with the chosen programme for their children before encouraging any investment decisions. “We analyse universities worldwide, encompassing India as well. We explore various academic paths, both undergraduate (UG) and postgraduate (PG), spanning diverse fields such as engineering, law, and liberal arts. Subsequently, we provide parents with a comprehensive assessment of their child’s interests, estimating future college expenses by accounting for inflation and additional costs,” Dubey said.
EduFund claims to recommend programmes to users by gathering essential data points from them, such as their income, monthly savings, and expenditures. Using this information, the platform suggests the required savings amount to achieve their goals and encourages them to initiate investments. The EduFund application enables parents to invest directly in Indian mutual funds and United States (US) stocks. “In recent years, we’ve come to recognise that a significant number of parents have been sending their children abroad to study. However, a common concern among these parents is the depreciation of the Indian rupee when they need to pay for their children’s tuition fees in dollars. To address this issue, we offer a solution that enables parents to save in the US stocks and gain direct exposure, allowing them to mitigate the loss in value. With our platform, parents can conveniently make investments without having to navigate away from the app, streamlining the entire process,” she explained.
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EduFund claims to recommend programmes to users by gathering essential data points from them, such as their income, monthly savings, and expenditures.
