Paying for college can be a significant challenge, and many parents desire to financially support their children’s university education but may find it difficult given other fiscal commitments. However, when your child turns 18 and college is on the horizon, it can be disheartening to realize you haven’t been able to save as much as you hoped. Don’t lose heart – even without a college fund, there are still numerous ways you can assist your child financially.
Parents can effectively help alleviate the financial pressures faced by teenagers set to start university in the fall through various means. Here are five feasible steps parents can take:
1. ASSIST WITH THE FAFSA
FAFSA, or the Free Application For Federal Student Aid, is an online form that determines if your child qualifies for educational grants or other financial assistance based on your family’s income and their financial needs. They might be eligible for state and federal grants, vouchers for books, or a work-study program. Even if they don’t receive maximum aid, they will likely be approved for federal loans that offer more favorable terms and lower interest rates than private student loans.
2. SEEK OUT SCHOLARSHIPS
Scholarships can significantly subsidize college tuition costs. Consider guiding your child through the process of searching different scholarships and aid them in their applications. You can also assist in refining their essays and establishing a priority list of scholarships worth pursuing. Usually, colleges and universities list scholarships they offer, and some students may qualify based on their high school performance or other criteria. Websites like FastWeb, Scholarships.com, Niche, and Chegg are great places to start a search.
3. SUPPORT WITH BOOKS AND MEALS
Even if you’re unable to cover tuition, student needs don’t end there. They’ll need to purchase textbooks every semester, which can cost between $400 to $1,000, depending on their courses. Planning to cover this cost can ease their financial burden. You might also consider supporting their meal plan if they live in a dormitory. Even these incremental contributions can help students manage their finances better and minimize debt in the long run.
4. OFFER A HOME
If your child will attend a nearby college, letting them live at home can save a significant amount of money. The cost of a dorm room can range between $8,000 to $12,000 per semester, so choosing to skip this expense can result in significant savings. Alternatively, letting them continue living at home after they graduate can help them pay off loans or even save for a down payment on a house.
5. ADJUST EXPECTATIONS
There’s no need to feel guilty if you haven’t been able to save for college. Most parents find it a privilege to be able to save for their child’s tertiary education, but due to various life costs, it might not have been possible. This doesn’t mean there’s no solution. Speak with your child about the financial implications of their chosen course and discuss more cost-effective routes, such as beginning at a community college before progressing to a bigger university.
Ultimately, not having a college fund doesn’t mean there aren’t ample choices available to assist your child in attending college. From scholarships and financial aid to other creative cost-saving initiatives, plenty of options exist. Encourage your child to consider part-time jobs while studying, which can cover some costs. Engage with your child in a meaningful dialogue to find practical solutions that lower their debt burden while respecting your own budget constraints.
