Planning college education for children
In bringing up a child, the most expensive thing is the college education. It is going to cost around $ 20000 per year for a four year degree program. And this does not include living expenses, accommodation, books and various other normal expenses. Other than that, there are expenses on the college social life. Now, in our job market today, educational qualification is probably the most important criteria. The more degrees you have, higher are the chances of you getting a good job.
There are many ways to fund the college education of your children but need to start thinking now about it.
Usually the funding for child education will come out of your current income. In todays economy, it is very difficult to save enough money to cover all the college expenses for you kid. Even two salaries will not be able to cover all the required expenses. Therefore, you will need to think about additional sources of funding.
You child can always work his/her way through college but most of the students find this experienxe very very challenging. Such an environment will definitely affect their exam preparation and their social life. But still this is an option.
These days student loans are easily available depending on the program selected. Your kid can take the loan now to fund the education and pay out later with his earnings. But most of the students end up finishing their colleges with high piles of debt and look forward to many years of monthly repayments.
Your child may also be eligible for various scholarships and grants offered by various schools and various trusts. There are many sources of such grants and you should do a thorough research on the availability and eligibility for such grants and scholarships on offer. These grants offer almost free education.
You can also start building the college education fund right away for your kid. The effect of compounding will make your small contributions worthwhile at the time of admission of your kid. This is by far the best method to fund your child's education which will keep everybody happy and without any additional stress on the parents and the child.
There are many ways to fund the college education of your children but need to start thinking now about it.
Usually the funding for child education will come out of your current income. In todays economy, it is very difficult to save enough money to cover all the college expenses for you kid. Even two salaries will not be able to cover all the required expenses. Therefore, you will need to think about additional sources of funding.
You child can always work his/her way through college but most of the students find this experienxe very very challenging. Such an environment will definitely affect their exam preparation and their social life. But still this is an option.
These days student loans are easily available depending on the program selected. Your kid can take the loan now to fund the education and pay out later with his earnings. But most of the students end up finishing their colleges with high piles of debt and look forward to many years of monthly repayments.
Your child may also be eligible for various scholarships and grants offered by various schools and various trusts. There are many sources of such grants and you should do a thorough research on the availability and eligibility for such grants and scholarships on offer. These grants offer almost free education.
You can also start building the college education fund right away for your kid. The effect of compounding will make your small contributions worthwhile at the time of admission of your kid. This is by far the best method to fund your child's education which will keep everybody happy and without any additional stress on the parents and the child.
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