Saving and Preparing for Your Kids’ College Education
Affording college has become harder and harder for many families. Many people have less money available today than a few years ago, due to economic problems such as unemployment and the housing crash. Despite all of these problems, the cost of education gets more expensive each year. You have to be creative and resourceful when it comes to paying for your child’s college education in today’s economy.
The cost of a college education is skyrocketing, yet another indicator of the true value of the US dollar after the last 15 years of deficit spending and federal debt accumulation.
Valuable Advice For Parents on Making College Affordable
If your kids are in high school, now is the time to start preparing them for college. All of this preparation will help them qualify for scholarships and grants, plus the college that they want to attend in order to get their degree. It is important that they do well on the ACT or SAT tests.You should convey to them how important this is.
The kids that are able to get high scores on these tests will be eligible for scholarships they would otherwise not be. Also encourage them to participate in extracurricular activities that will look good on a scholarship application. Kids involved in clubs at school, or perhaps who were elected to an office on campus, write this down on their application.
Getting a job is a time honored way for students to make their education more affordable. This can include working full time during the summer and part time while going to school. Work study jobs, which may be things like working in the campus bookstore or in one of the college’s offices, are one type of job students may be able to get.
Kids Have to Work through College in Addition to Loans and Grants
An off campus job, though, may pay considerably more, especially if it’s something like restaurant work where tips can be earned. It’s easier to get jobs in some areas than others, and it also depends on what kind of abilities the student has. One thing to avoid is having a student work so many hours that he or she doesn’t have time to study or write term papers.
Teaching your kids the skill of budgeting money is something that you should impart with them before they leave for college on their own. At an early age, some kids are great at budgeting money. Most kids like Mom and Dad to do this for them as budgeting money is not their forte. It would be a great time to start teaching your kids about their budget if you haven’t done this already. A reasonable budget should be adhered to while they are attending college for those many years. It really depends on their spending habits, and there are some parts of the budget that are simply going to be there until they graduate. Basically, your kids need to conform to a budget that is comfortable for them, and that you can afford.
Military Service can mean the GI Bill
Some parents save up for college years in advance, while others aren’t able to save anything due to other economic pressures. Almost inevitably, college turns out to cost more than parents originally planned for. I served in the Navy and got the GI bill which greatly helped pay for my education at the University of Houston and the Berklee Online College of Music. Additionally, outside of formal training real-world experience and entrepreneurship are going to be the deciding factors in who is able to become wealthy in America’s current economic situation.
The entrepreneur creates the jobs, not the politician.America needs innovation and people willing to work and think outside the box at this moment more than anything. I truly believe that.
Paying for college isn’t easy, which is why you have to gather as much information as possible on the subject. One way or another, you can find a way to help your kids get through college. You can start with the strategies we’ve discussed here to help you get creative and resourceful about saving money on college.
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