New Delhi, March 12 -- Most Indian parents dream of sending their child to top-tier institutions like IIT or ISB, but few plan for the staggering costs. When the admission letter arrives, panic often follows.

Should you take a loan, sell assets, or start investing early? Here's how to navigate the financial maze of higher education smartly.

The Rs.1 crore question

You must start planning as soon as your child is born. Take a typical graduation in a premier IIT and then a post-graduation at ISB. The 4-year IIT course would cost you around Rs.30 lakh, including boarding and lodging.

In addition, the ISB-PG will cost you another Rs.55-60 lakh. Effectively, you are looking at around Rs.1 crore of which Rs.30 lakh will be needed when your ...