College is so expensive that you have to get creative when it comes to helping your child pay for their education. Ideally, you’ll be saving money and investing it so it can grow over time. Using college savings accounts allow you to take advantage of tax benefits. But these methods aren’t always feasible for everyone. The good news is that there are other methods of paying for your child’s schooling.
Take Out a Student Loan
One of the first steps to do with your college student is to fill out the Free Application for Federal Student Aid (FAFSA). They’ll need this for work-study jobs and certain scholarships, which we’ll look at in a moment. But the form also allows them to get a federal loan. By filling out the application, they can get as much money as they can from the government. In addition, private financing options may be beneficial to provide the funds to pay for tuition while being able to repay after graduation. With low interest rates and favorable monthly payments, you can invest in their future by borrowing for college now.
Look for Scholarships
Consider looking for organizations that will help pay for your child’s education. There are many scholarships your child can get, and not all are ones from the school. Of course, you’ll still want to ask the university for a list. But many nonprofits offer scholarships for students who want to attend a certain school. Some types of grants are awarded to students who have strong academic prospects. Others are for outstanding athletes. No matter what career field your kid is interested in, you can likely find a scholarship for them. Some are based on financial need, while others don’t look at household income.
Tuition Subsidies from Employers
More major employers understand how important it is for their employees to have a college education. If your student currently has a job, their employer may offer to cover some tuition fees for certain schools. Others may also cover course materials or some of the fees. Some employers may only pay for certain degrees or areas of study. These may relate to the company’s industry. However, because of how valuable a degree can be, this can be an extremely important benefit.
Find a Work-Study Program
This type of program allows your student to apply their lessons to real-world situations. That gives them valuable experience while helping them earn some cash. With the Federal Work-Study Program, your undergraduate or graduate student can get a part-time job that will serve the community. Depending on their area of study, the program may open doors for a future career. A great part of these jobs is that the earnings don’t count against you when it comes to financial aid. That way, they can still earn money and keep their grants. However, these jobs can be limited, and the Department of Education lists certain requirements that are necessary to be met. But every little bit counts when it comes to funding the rising costs of school expenses.