Paying for a Child’s College Tuition Doesn’t Have to Be a Nightmare
The 2008-2009 school year has ended, and now graduates are gearing up for college. Now days with the economy the way it is, this can actually be a parent’s nightmare instead of a time of pride. Tuition is so high these days that parents are finding it harder and harder to send their children to college. Here are a few tips that might help those who will have college students in the future.
First…if you have a savings account or investment account, go over it thoroughly now either alone or with an accountant. Make sure that your account is balanced based on risk levels you are comfortable with in the long run. If you have a child that is within two years of going to college, you may want to move your money to a money market or savings account. Even if your stocks have dropped below the amount needed for your child’s tuition amount, it would still be wise to get it out of risky investments such as stocks.
If have enough savings in your bank account then there is no problem in paying the tuition fees, as they are basically revision classes on what you child is learning at school and will help him in memorizing the answers better and get good grades. He can also learn at home as home tuitions are the norm of the day and parents to can monitor their offspring’s performances by getting regular updates from his teacher.
Second…look into what you can get. There are numerous Federal and Private loans to be had. These can provide the money needed to fill the gap between what money you do have and what is needed for the entire amount of the tuition. If you find that federal loans are not enough to meet your needs, then you may want to try a private loan. Just remember to discuss the payback plans and whether the interest rate is variable? If it is variable, this could eventually increase your monthly payments.
Third…determine whether that private college is worth the extra money it will take. Simply consider if there would be much of a difference in the child’s earnings if they attend a public school instead of a private school. Does the private school offer any thing extra that the public school does not? Can my child go to a public school for the first two years so as to offset the cost of the private school? Check into all means of assistance such as financial aid, government grants, student loans, and scholarships.
Fourth…now days there are several tests a child can take that, based on the score and knowledge, can actually earn them college credits before they even set foot on a college campus. These tests include the advanced placement test (AP), the College Level Examination Program (CLEP), and the Dantes Subject Standardized Test (DSST). These can actually earn a child up to two years of college credits.
Fifth…make it a family project to do scholarship research. There are thousands of scholarships that can be found if they are just searched for. Go to the library, look them up online, ask the child’s guidance counselor, ask the college, ask other parents who have already been there.
In conclusion, it does not have to be a horrific experience finding a way to fund your child’s college tuition. You just have to do your research and ask others. There is help out there, you just have to get out and find it.