College tuition is expensive. There is no way around that simple fact, but if you are prepared for it, you can help your child gain an education without leaving you and your spouse broke. Loans, grants, and scholarships are a great way to help aid in the funding of your child’s school.
Here are ways to fund college for your kids without leaving you broke.
Private Student Loans
Loans are the way most people end up paying for school because the majority of people going to college don’t have enough money in the bank to pay for it outright. If you have maxed out your federal student loans and cannot find any more aid to help in your college tuition, you can take out private student loans. Lending money from private groups is a great way to save money because you can always refinance the loan later on. A lot of federal loans are at set interest rates and might end up costing you more in the long run. Private student lending is something to look into if you are needing financial assistance.
After filling out a FAFSA (Federal Application for Financial Student Aid) form, you are eligible to receive grants from various places. The majority of grants come from the college you will be attending, however, there are some that are offered through the state or the federal government. Regardless of where the money is coming from, the beauty of receiving a grant is that you don’t have to pay this money back. It is a gift given to help bridge the gap between your current income level and the cost of your tuition.
Ask For More
If you feel like your school did not offer your child enough money, you can always send a formal letter asking for more cash to help you pay for school. If you do this suggested method for obtaining more money, be sure to follow up with a phone call to check on the status of your request. In your formal letter, be sure to include why your child chose their school and how much other schools have offered to help give them the incentive to pay you more.
Get A Job
Work-study jobs are available for you to make money that will end up in your bank account once a month. These are hourly jobs, but your income cannot be more than what your work-study reward is for the year.
If you feel like this is not the right solution for your child, you can always encourage them to find a part-time job in the community to help bring in a little bit of extra money to help pay for school. In the end, any amount of money will be helpful when trying to pay for their college education.
Claim Tax Credit
After paying for tuition for your child, you are able to claim up to $2,500 per year in tax exemptions because of the cost of tuition, books, room, and board.