New Delhi, June 7 -- A foreign degree today can easily cost Indian families as much as Rs.1 crore and in some cases even more, making overseas education one of the biggest financial commitments they will ever undertake. Rising visa restrictions and a weaker rupee have only added to the burden. Yet, an HSBC survey found that nearly 90% of Indian parents still aspiring to send their children abroad for higher studies.

Even parents who have diligently saved for years may find their education corpus falling short of the soaring cost of overseas studies. In such situations, many are tempted to dip into their retirement savings-a decision that can jeopardise their own long-term financial security. A more prudent approach is to bridge the fundi...