Studies have shown that over half of all parents expect to pay for something towards their child’s college education. It might have been something that you’ve been planning for and have put savings aside for that very purpose. It might be that you want your child to pay for the majority of their education, alongside a student loan, for example. If this is more like the option for your family, then how do you encourage them to save money for college? It can be tricky for our teens to grasp, but if they can avoid too many loans in their early twenties, then it can only be a good thing.
Calculate Costs For College
In order to be able to save for college, you need to know the cost that you might be expecting to pay. So if there is a particular college (or three) in mind, look at their tuition costs. From there you can work out the cost of living and what they should be aiming to save. Having some smaller targets to hit is a good way to keep them on track of their savings.
Take AP Classes
Taking some AP classes when in high school is a good way to make the time spent at college less. So if your child is up to it, then it really would be a good way to go. If they can go to college with a couple of credits under their belt, then it means a couple less than they have to do when you’re paying for the tuition.
Research Student Loans
Getting a student loan to cover some of the cost of college is pretty common. But not all student loans are created equal. They will all have differing terms and differing interest rates. So make sure that you shop around when it comes to getting a student loan. It is also a good idea to look into federal student loan debt consolidation pros and cons, as this might be something that they need to look into after (or possibly during) college). In most cases consolidating debt can mean paying less interest, but not always. So that it worth checking too.
Apply For Grants and Scholarships
All colleges offer grants and scholarships. But how many and what for will totally depend on the student. So as soon as they are in high school, they should start to look into this kind of thing. It is definitely the case of the earlier, the better with this. There will be more choice (and chance) when you apply early.
Delay College For a Year
It is surprising just how fast a year can fly by, right? So it might be worth looking into delaying college for a year. If they are able to work full-time, without any other commitments or distractions, it can mean that a whole chunk of college can be paid for. Then they are likely to be able to do as many semesters as possible without taking a break. So it means they will be at college for a lot less time too.