In Mexico, annual university expenses range from 55 thousand to 346 thousand pesos

Mexico City. The start of classes for millions of Mexican students takes place in the month of August and with it, the implication of important expenses related to education such as the purchase of supplies, uniforms, educational materials, as well as the payment of school fees or tuition either for studies in our country or abroad, the latter especially at the secondary, higher or postgraduate levels.

In Mexico, according to the National Institute of Statistics and Geography (INEGI), the 2023-2024 school year had more than 33 million students enrolled in the initial, preschool, primary and upper secondary education levels. Regarding the higher education level, the Ministry of Public Education (SEP) indicates that in 2023 the student enrollment was 5.2 million.

According to the 2022 University Guide and the website of private universities in Mexico that year, the highest annual cost for studies at private universities was over 346 thousand pesos, while the lowest was 55 thousand pesos.

Regarding the cost of studying abroad, the National Council of Humanities, Sciences and Technologies (Conahcyt) 2022 scholarship table indicates a maximum annual amount for tuition scholarships in the European Union, the United Kingdom and the rest of the world of 76,800 pesos, while for studies in France or Germany it considers an annual maximum of 300 thousand pesos.

These amounts cover only the tuition fees, however, there are other expenses that must be considered when studying abroad or in other cities, regardless of whether the studies are carried out in a private or public institution, such as monthly living expenses, travel expenses to another place, rent and transportation costs, and, if applicable, the cost of medical insurance with international coverage.

In this context, having financial support such as Educational Insurance that covers the costs of secondary, higher, postgraduate education, studies in other cities or abroad, or even the start of a professional project or business is essential, since it guarantees financial support so that young people can complete a university degree, continue their studies in other cities or abroad, or meet other personal goals.

For its part, GNP Seguros indicated that, as of March 2024, 7.3 percent of its Individual Life Insurance portfolio corresponds to GNP Professional Insurance, which has an educational focus or to support the personal goals of our children, grandchildren or nephews.

He also revealed that, since 2022, this type of insurance is the 4th most contracted in the life insurance sector and indicated that, in 2023, the average Insured Sum contracted was 1.5 million pesos in basic coverage while, the savings term most chosen by the contractors is 18 years, considering the time in which minors reach that university or entrepreneurial stage.

GNP Seguros also reported that in 2023 alone it paid more than 1,624 million pesos of GNP Professional Insurance to more than 6,600 insured persons in life for policies that finished their savings period.

Among the main benefits of this insurance are that it can be contracted by the parents, uncles or grandparents of the minor, they can insure the minor even during pregnancy, from the first day of gestation, which allows them to have a considerable time for saving thinking about their future or contract it up to the age of 23.

It also allows you to save for your education, from primary school to postgraduate studies, or to support you in a personal project. It offers the option of making the full payment of the policy in periods limited to 1, 5 or 10 years, which allows policyholders to pay the policy in the chosen period and guarantee their Insured Sum.

It also maintains the value of your savings over time and takes into account inflation or currency exchange rates; it offers policyholders different terms to keep their savings.

Depending on the profile of the policyholder, additional coverage may be considered, such as: Disability, death due to an accident, Women’s coverage (paid in the case of common and gender-specific illnesses), among others.