A study conducted by the College Board, which tracks trends in student aid and college pricing, revealed that a four-year college degree now costs $39,400 annually. Other statistics reveal that tuition fees have more than doubled in 20 years, making it extremely challenging for parents to raise enough funds to send their children to college.
Fortunately, there are still ways you can finance your child’s college education without incurring overwhelming debt.
Read on as we explore various ways to fund your child’s college education without going into debt.
1. Encourage Your Child to Apply for Scholarships
Different organizations and government-sponsored programs offer scholarships based on one’s talents, achievements, needs, or extracurricular activities. You can find scholarship information online for various universities. College Data Scholarship Finder is also a great resource. You can also explore other opportunities in the church through employers or career counselors.
2. Consider Saving Earlier for Education
Don’t wait until your child is of age to start thinking of how to finance their college education. Starting early can help boost your savings and make it easier to afford your child’s education without going into debt.
3. Recommend a Free College
Some colleges in the U.S. are free, and you only have to pay for living expenses. However, the only caveat is that the acceptance rate can be as low as 7%. Most of these are liberal arts colleges that focus on music and engineering.
4. Explore the Community Colleges First Before Applying to a University
Applying directly to a university can be expensive, especially with the high tuition fees. Consider exploring the community colleges around your location, as most are more affordable and provide personalized classes than universities.
5. Research About Trade Schools
Trade schools are an excellent option if your child is creative and loves practical skills. These schools provide training in plumbing, mechanics, electrical work, etc., skills that are highly marketable and rare. Furthermore, trade schools are cheaper than obtaining a bachelor’s degree at University.
6. Find Out if Your Child Is Eligible for Grants
Several grants are available in individual schools, state governments, federal governments, and NGOs. All you need to do is submit the FAFSA application to be considered for a federal grant. The best part is that your child can apply for as many grants as they wish, as most are merit-based.
7. Encourage Your Child To Commute to College
Accommodation at a private college can cost up to $13,000, and $11,000 in a public college. You can reduce these costs by focusing only on tuition fees to save money, especially if you live close to the college and have easy access to the school.
8. Discover if You Can Get Assistance at Work
Some organizations and companies have tuition assistance for their employees or families. Find out if your employer has a similar package, as this can help you save on your child’s college education.
9. Identify Apprenticeship Programs
Several companies and organizations have apprenticeship programs that offer education and on-the-job training. Some will provide a stipend, while others may cover tuition fees. Do your research and find programs your child may be eligible to apply.
10. Have Your Child Look for Passive Income Opportunities
Funding a college education can be overwhelming, especially if you struggle to make ends meet. Encourage your child to look for ways to earn extra money that could go into paying the tuition fees. Your child can also explore work-study programs in college, where they earn some money as they continue studying.
11. Look Into Income Sharing Agreements
Some educational institutions offer income-sharing agreements in which students agree to pay a certain amount of their future income in exchange for college funding. Find out if such institutions exist in your state and encourage your child to apply.
There is no doubt that the cost of higher education can be overwhelming. That’s the reason most students graduate with hefty student loans. Fortunately, it’s never too early to scout for opportunities and save for your children’s future education. Our tips above will show you how you can still afford to fund your child’s college education without sinking you or them into debt.
