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How to Help Your Child Go to College


Unfortunately, growing student loan debt could potentially stand in the way of university graduates buying their own car, owning their first home, and marrying their other half.
With many ambitious students afraid of accumulating stifling student debt, they might be unsure whether to pursue a degree after high school. To ensure your child receives the best education to support their career goals, find out how to help your child go to college.
Start Saving
To ensure your child can take their pick from different colleges, you should start saving for their education as soon as they are born. Many states currently provide college savings plans, which can protect your finances against inflation and will provide a tax shelter for the lump sum. Discuss the options available with an experienced tax adviser.
Consider Various Scholarships
There are currently a variety of scholarship opportunities available for different talents and abilities, which will pay for some or all of a student’s college education. For example, if your child secures a 3.5 GPA or higher, they should apply for an academic scholarship. If, however, they have a flair for a sport, they should learn more about sports scholarships at www.asmscholarships.com.
Encourage Your Child to Seek Employment
If you don’t have much money to spare to support your child’s education, you should encourage him or her to get a job to pay for their degree and achieve their career goals.
Many students often hold part-time roles when studying at a university level, which can help them to fund their studies. Plus, it can also teach your son or daughter financial responsibility, so they will be more prepared for the real world once they graduate.
Move to a State That Provides Free College Education
If you are thinking of starting a new life in a new city, it might be wise to relocate to a state that provides students with a free or a partially-free college education. While you must consider a state’s cost of living and job opportunities, it could the answer to your prayers.
For example, the following locations can provide free college tuition programs:
  • New York
  • Oregon
  • Tennessee
  • Arkansas
  • Kentucky
  • Minnesota
Of course, different states have different rules you will need to adhere to. It is, therefore, important to make an informed decision before you decide to uproot your family to a brand-new state.
Provide Financial Education
A lack of financial education could result in your child accumulating a considerable amount of debt during college, which can affect their financial future and education. To ensure they can quickly repay a loan and support their lifestyle at college, you must aim to improve their financial knowledge.
For example, you could:
  • Help them to select the best bank account for their needs
  • Teach them the differences between debit and credit
  • Warn them about the financial pitfalls that can cause debt
  • Inform them on the dangers of interest rates

So, take the time to talk to your child about the importance of opening a high-interest savings account and avoiding debt, which could help them to pay for their college education with ease.

Comments

  1. I didn't realize some states still provide partial college school payments. That is so helpful because I know quite a few people who had debt accrue just from the first two years.

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  2. I live in KY, and Berea College is a wonderful college that offers free tuition to students. In exchange, every student is given some kind of job to do, whether it's in the library or even working in one of the stores that offers traditional KY crafts for sale.

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