Education Fund?

Dear Board
I have a dear friend in Puerto Plata that I have been friends with since 1995. Johnni has a 1 1/2 year old son named Samuel. I am starting an education fund in Canada for him, so that he will have some money for a future education.

What is the approximate cost for education in the DR after public school?

Knowing the final amount required would give me the opportunity to make yearly contributions to a savings account here with the hopes of having enough for Samuel's education in another 15-20 years after earning 8-10% return.
I plan to open a mutual fund account, listing Samuel as the owner, with me as the trustee.
I don't know if he will ever go to school, if not then the money will be his to do as he wishes, hopefully to get out of the poverty that is his by birthright.
Any assistance would be helpful.

Ken

This is based on research I've done in Barahona: Private elementary/middle/high school will cost around $50US/mo, plus the inscription fee, books, other materials and uniform costs = $200/yr. Actually these estimates are on the high end at one of the best Catholic schools in Barahona - Divina Pastura. I'm sorry that I don't know about the costs for college/university/vocational school.

I realize do that your question regards higher education, but I must tell you that "public school" is generally not adequate preparation for higher education. So if you have the means, it would be well worth your $700US annually to prepare this child for a bright future!

I commend you, Ken. I have heard of such grants here in the US for poor people to go to college if they finish school. Having raised children in conditions of poverty myself, I agree with
Sarah that a good basic education is the foundation for later education. The trick is to survive childhood in good enough condition to go to college. Is it possible for you to work out some kind of benefactorship, education wise that would make it more likely that he will reach adulthood healthy enough, and with basic skills and education enough to at least be able to pursue some kind of career - like you said whether it is college or not, maybe a trade or skill even? This is not to get into being the main support for the family, or into a codependent relationship, but contributing in a limited way towards priorities that would encourage his education. God bless you.