As a parent, you want only the best for your child. That means giving your youngster access to as many beneficial opportunities in life as possible. Often, ensuring your child can succeed in today’s competitive world, means giving them the chance to expand their skills and enhance their earning potential with a college degree or certification. Unfortunately, while higher education can open the door to many advantageous opportunities for youngsters, it’s often extremely expensive. Student loans can go some way towards making a degree or certification more affordable, but they do leave youngsters with debt to deal with after they graduate. So, what exactly can parents do if they want to support their child with college costs, without relying solely on loans? Here are just some available options.
Start Saving Early
Perhaps the easiest way to make sure you’re prepared to support your children through their college years is to start a savings account as early as possible. Whether your child wants to go to one of the best schools for philosophy or a top university for nursing, one thing is certain- it will cost a decent amount of money. One of the smartest ways to save money is to do so over time. It’s never too early to start building a fund for your child’s future. You can even create a savings account for your youngster as soon as they’re born and encourage friends and family members to contribute cash whenever they have an opportunity. The key to success is finding the right savings account. Choosing an account specifically designed for long-term savings could mean you can benefit from higher interest rates, which means your available cash will increase gradually over time. It’s also worth encouraging your child to contribute to this account when they can, funding it with money from part-time jobs and summer roles.
Unlock Finances From Existing Assets
While savings are an excellent way to fund some of your child’s college education, even careful and stringent saving can leave you with limited cash resources to tap into. If you find your savings don’t cover all the expenses your child is likely to face, from accommodation and tutoring costs to the price of resources like books and software, you may want to look elsewhere. If you’re a homeowner with children about to head to college, you could consider using a HELOC to help pay for their education. This involves leveraging credit from the equity in your home, using a flexible strategy that can adapt to your needs. You can use the money to pay for anything, from tuition costs, to accommodation, or even a new car for transportation.
Explore Grants and Scholarships
Finally, while most grants and scholarships available in the educational landscape today might not cover all the costs of a college education, they can be extremely helpful. Most colleges accept grant payments and offer a range of financial support options to different students. It’s worth speaking to the administration office at your child’s chosen college to learn more about the solutions they can offer, and how you can apply. Keep in mind, when applying for scholarships and grants, it’s important to make sure you submit your information early. Competition for educational funding can be fierce, and the faster you submit your application, the more likely you are to be successful. Don’t be afraid to apply for a range of different options to improve your chances of being accepted for at least one program.
Funding College Without Loans
The reality is most parents and children will end up relying at least partially on student loans to accommodate the costs of a college education. However, if you can seek out other forms of financial support, you can reduce the amount of debt your college student will have to deal with post-graduation. Consider experimenting with the options above, to see whether you can help your student preserve their financial health as they progress through college.
