It would be ideal if as parents we started saving for our children’s college education when they were born. Unfortunately, not many of us really do this because it’s actually a bit difficult to do. Then there are those that did save for their children’s college education but due to hard times, they had to use those funds to help the family survive. When our children are in elementary or middle school, we do think of college but
don’t feel much pressure. Now once they enter high school, that’s when we realize we have run out of time to save the money necessary to send them to college.
With the cost of education rising constantly, this scares parents into thinking there might be a possibility they won’t be able to send their children to college. Now what we all must remember is that what is really important here is the education. Some believe that the college must be one of the top schools.
It would be nice to go these special colleges or universities but in the end what is important is the education. By changing plans and choosing a different college, it might make all the difference as to how it can be paid. Also, many believe that due to their income, they won’t be able to get financial aid. Well that is not always the truth. Before going to your bank and applying for a loan or draining your savings account, apply for financial aid. Here are a few tips that may help you secure your child’s education.
FINANCIAL AID
There are various financial programs that you can apply to help for college tuition such as FASFA, Federal Student Aid, Pell Grant and many more. Before applying for any of these programs, make sure to have all the information you may need ready to speed up the process. In many cases they advise to apply in advance, giving you a head start. Don’t be discouraged because you believe that your family’s income is too much for you to be approved. That is not always the case.
THE BASICS
Not only do you have to pay for the tuition but there is the room and board. Room and board can actually cost up to $6000 a year. If the student is going to a university close to home then the best way to save is to have them live at home and commute back and forth to school. If they are going to school far away from home then check out the school’s rules. Some do require that they move on campus for at least the first year. Check out all the plans they offer and make sure you get the best deal. Sometimes, students can work to help pay for their room and board.
SPECIAL PROGRAMS
There are also special programs such as the Peace Corps, AmeriCorps, ROTC and vista which will help with financial aid or pay off student loans or provide funds during college in exchange for a service commitment upon graduation.
COLLEGE CREDITS
If their goal is to attend a university instead of a four year community college then while in high school they can take advantage of the college level classes offered at school. During the summer, when they come home, they can take some summer courses at the community college helping them advance their education. The best way to actually cut the cost of a good education is to go to a community college in their area. The education is just as good as the university but it will cost less and ensure them a degree.
TEXTBOOKS
These can be very pricey. If you don’t mind using a used book, you can always purchase them on Craigslist, eBay, Campus Book Swap and many others. You can also purchase electronic books. Whatever books you do purchase, handle them with care. You can always resell the books and make a little money to help pay for the next set of textbooks you will need.
SCHOLARSHIPS
Another good way to pay for college is to help encourage your children to excel in school. There are many grants given to students who excel academically, athletics or in creative talents such as arts and music. If there is a particular college or university that your children are interested in, contact them and find out if they have any special scholarships or grants they may be eligible for.
EXPENSES
While at school they will have additional expenses such as cell phone bills, computers, clothing, printers, internet, car expenses, etc. Before they head off to college, make sure to get them to set a budget. This will help them manage their money much better and be less of a burden on your pocket. These additional expenses can get heavy and put an even bigger burden on you considering the big ticket items such as tuition, room and board. Many parents believe that this is their burden and no one else’s.
Well, many of the students today, while in high school work and they tend to save money for a car, clothing or special items they want. Just as they can save money for these things, it is always a good idea to have them save for their years in college. This way they will have a little extra cash in case of an emergency or to fund whatever expenses they may have, even for those moments they want to go away with friends during spring break. This will help them prepare and also show them responsibility. As many say, they will learn the true value of a dollar and be more inclined to excel in their studies.