There is hardly another more sensitive topic for any parent than that about financing college education for their children. And we get it: having prospective college students is both exciting and responsible because you wish to afford the best education for them to be successful in life. In this article, we’ll show what you can do as a parent in not-so-easy 2020 to make sure you can finance college tuition when it’s time to. But first, let’s see why you want to do it.
Will education even remain important in 5-10 years?
Many parents are reluctant to save up for their kids’ future education, arguing that any education is available now online and almost for free. The children can study anything they want for way less cost than their parents did and without thinking a lot about the essay writing, abundance of project topics, and plagiarism service to fix the bugs before the professors get to the papers.
While that may be partially the deal, many parents don’t realize one crucial thing that comes with the higher (tertiary) education offline: any college is also a setting where one can showcase all the talents, get socialized, receive the external motivation and try to compete. Besides, obtaining a degree still makes a difference in the income earned and the employed percentage (see the infographic below). As we’ve, hopefully, convinced that it’s needed, let’s show the best way to save for child education.
Top Saving Tips for Parents in 2020
Yes, we know, COVID-19, yet another global crisis looks very real, maybe even your employment will be questioned. While all those factors will absolutely influence a lot of your decisions and choices, you should not forget about the need to save up for the child’s education. If you start now and make it a regular thing with the maximum sum that doesn’t hurt your family budget, you will get some impressive amount of money that will allow you to send your offsprings to a better school.
Make a saving plan and stick to it
We also know that saving without fixed numbers, dates, and purposes are just holding money to spend very soon. Make it in writing, make it clear: what sum should be placed, how regularly you need to send money, check for the tracking service to control everything. As many writers at Edubirdie, the professional essay writing service, will tell you, one of the reasons why many people end up in poverty is that they don’t plan their future in terms of financing. And we know that you surely don’t want your kids to be among statistics in their essay. Tip: open the account that you can’t access over a certain time. That will definitely help you not to get seduced to spend that money on something else.
Keep the track of the tuition fees
Knowing how much money you’ll need for your child’s education will make the process of saving way faster and easier. Yes, it varies and changes every year, with some universities becoming more or less expensive than others, but knowing how much approximately you’ll need for this or that program is crucial. We advise checking once a year the tuition costs of the universities where you’d like your kid to study. Not that it will be the case, but at least you’ll know the price.
See the situation with loans and credits
This one changes even more frequently, and depending on your residency, it can be real trouble. In the USA, the student’s loan situation will definitely be different within 3 years and possibly might get canceled at all as it has created a lot of economic havoc over these years. From this perspective, diving a bit into student loans and state financing/support will be a nice thing to do for the parents, who are sure they won’t be able to cover all the educational expenses they will need.
Learn about tuition-free options abroad
Education in another country might be way cheaper than in your native one, and it might make sense thinking about sending your children to study abroad. However, you must not forget that while the tuition might be cheaper, the cost of living might be even the total sum. A safe thing to do is to compare the cost of living and education expenses in your country against the same costs in the foreign one. While they might end up being equal, studying abroad might give your child way more than just a diploma. But this is a whole other story.
Study the grant and scholarship options
For those who are successful at studying, there are many grants and scholarships that might cover a good chunk of the whole tuition cost. Keeping an eye on the grants for subjects that your child is extremely good at, might get you a significant help when selected. Some scholarships can cover the whole tuition cost or a part of it, and either option, to be honest, is better than paying it all on your own.
Tip: cultivate the competitiveness trait in your child’s character and encourage him/her to participate in the school projects, state competitions, etc. In this way, they will be more eager to try the scholarship race, too. If you’re in Armed Services, you can check out educational support offered by colleges and universities.
Programs exist to offer assistance to former and active military personnel and their families. You can take advantage of these programs to pursue your academic and career goals, and help with your children’s education. Learn more information about military and veteran student services programs at https://online.carrollu.edu/military/.
Check Other Possible Income Sources
Parents work hard for the future of their children. If you think your pay check isn’t enough to cover all your needs, then it’s about time to look for other sources of possible earnings to help you save up money to fund your children’s college education, such as the following:
- Starting A Family Business: It’s important to have a business that you can sustain to provide a long-term passive income. You could start with a home-based business to avoid the overhead costs and then proceed to a physical store when you have enough capital.
- Become A Freelancer: Freelancers are independent contractors who don’t work for one company. They usually have several companies and clients they deal with on a regular basis. For instance, you can work as a virtual assistant or writer for various clients.
Support Your Child’s Interests And Talents
If your child is interested in sports or music, show your full support. Your child may actually get scholarship in the future by excelling in extracurricular activities like sports, music, and arts.
The cost of higher education is increasing day by day, and so does the importance of having a degree from a reputable institution for one to be able to secure the life one wants to live. Therefore, planning the financing of your child’s future education is an absolute need. Luckily, it just got easier with the tips we’ve provided, so you can be sure there are ways for your kid to get the best education.