4 Ways To Find Money For Your Child’s College Fund
It’s been 18 years of studying, and now your oldest is ready to tackle the world. The acceptance letters have rolled in, the high school diploma proudly hangs on the wall and the bags are packed. In fact, you could not be prouder of your child. With that said, it’s hard to look at the payment letter requesting that first year’s tuition, room, and board. College is expensive, and despite the past (nearly) two decades, you just don’t have enough in the college fund to make it happen. What do you do? You don’t want to deny your child the chance to learn and enter the adult world. It’s time to get creative and start finding some funding in some unusual places, so here are a few suggestions to help reduce that nagging bill. Keep reading to learn how you can find the money for child’s college fund.
Get a Settlement
If you have a life insurance policy, you could cash it in early with a viatical settlement. Companies will buy the policy from you, carrying out the payments. Then, when you pass, the corporation gets the money from the policy. In the meantime, you have money for needed expenses, such as paying off the tuition bills.
Research Scholarships
It’s never too late to look for a grant. During the senior year, you may not have thought it necessary. Now is the time to start looking. Get online and scavenge for programs that work with your child’s interests. Does your teen want to teach? Is there an interest in a field of need? In addition, colleges sometimes have volunteer scholarships. Call up the registrar’s office. If your student works so many hours in the community, the school contributes money towards the yearly bill. It’s definitely worth a shot.
Take Out a Loan
Okay, so no one wants to borrow money, yet it is a possibility that should not be tossed away quickly. Ask your child to take out a small loan. Some schools offer low-interest rates that make it easier to pay off. This could be beneficial because credit is important. A loan in your loved one’s name allows for a credit report to begin. As you get a little extra cash, you could teach him or her to pay it off, thus building credit at the same time. Another option is to research forgiveness programs. Are your kids going to teach for a few years? Is he or she interested in a job that’s in high demand? These programs require working in a field of need after college. Then, the government-funded program can eliminate or reduce this debt.
Work Study
Working in college is a possibility. Get together with the school and discuss what positions are available. It could be anything from helping in the cafeteria to working in the gym. Some undergraduates can even pair with faculty to make the hours; therefore, getting a job isn’t necessarily problematic. This additional time enhances a resume application and encourages students to learn time management and flexibility.
It’s okay to worry about a new transition; however, don’t let that tuition frighten you too much. Money is out there. It won’t cover everything, but every penny counts. You just need to make some calls and do some research and soon you will have money in your child’s college fund.
