Can I afford to send my son to the US
Hello everyone,
I am 48 living in a tier 2 city in India. been working for 25 years. I have about 700,000 USD / 6.6 crore rupees ( 1.2 crore rupees liquid rest equity in 4 apartments ) in net worth accumulated over the years. My personal expenses per year are about 20 - 25 lakh. My income per year is also about 20 lakh rupees. My son got into a Top 50 college in America and got a 2.4 crore rupee scholarship meaning it would cost me 20 lakh per year to send him there for 4 years. Our options in India are Christ uni, NMIMS, Hansraj. Financially does it make sense to send him abroad for studies.
Adding additional context - He plans on studying Computer Science and Economics ( two bachelors degrees ) and the 20 lakh is living expenses only. Tution is completely covered .