A college education is important for your child’s future success. Not all career choices require a degree education, but there is plenty of evidence to suggest that job applicants with a good degree are far more likely end up in well-paid jobs and enjoy career promotions quicker. The problem is that a college education is expensive. It can cost in the region of $90k to study for a three-year college course. That is a big price tag for a degree education, and if you are paying the bill, that is a big debt to swallow. The good news is that there are ways to make savings while your son or daughter studies for a degree.
Start Saving Early
The best way to make a college education more affordable is to start saving up early. As soon as you have enough disposable income, create a college savings fund. Squirrel away some money each month, preferably when your children are small, and by the time they are ready to apply to college, your kids should have more than enough money to cover tuition fees and accommodation costs.
Choose the Right College
Tuition fees vary between different colleges. Ivy League colleges such as Stanford and Princeton are the most expensive, which is why they are more popular with affluent students. Your local state college probably offers the same courses but at a lower price. You can also save money if your child studies at a state college while living at home.
Don’t dismiss the idea of an online degree. Online degrees are much more acceptable these days, and there is a wide range of courses to choose from. In most cases, an online degree program is no different to the program served up at a traditional bricks and mortar college. In fact, most well-known colleges offer a choice of online and offline degree programs, so students have a choice. The beauty of an online degree is that costs are typically a third less than regular degree programs, so there are considerable cost savings to be made.
This is a win-win situation for parents who don’t have the cash to help their kids out. However, many young people prefer to live away from home when they attend college, so despite the cost savings, moving out of state is the only option they will consider.
Self-paced online courses that help students earn college credit are another useful option. Kids can study courses that interest them, earn college credits, and then transfer to a college within the Ed4Credit network of accredited universities and colleges.
Apply for Financial Aid
There are plenty of financial aid programs and college bursaries available for students with exceptional talent in a specific area, or students who come from a deprived background. Speak to your college adviser about possible financial aid programs before your child begins the college application process.
It is important to remember that college is not for everyone. Some students prefer a less academic route into adult life, so do not push your child to attend college if this is not in their best interests.