The Family Wallet

Staring into the face of an upcoming college tuition bill can be a frightening experience. Whether the bill is yours or belongs to another family member, having to find money in your budget for a college education can be quite a challenge. For this reason, financial experts suggest that you plan paying for college well in advance.

So what do you do if you weren’t able to come up with a plan for paying for college ahead of time? Don’t give up all hope of that college education. You still have some options to help you get through this huge expense.

Federal grants are sometimes available for students who meet certain income requirements. Complete your Free Application for Federal Student Aid (FAFSA) as soon as possible. Once it’s been processed, you’ll receive a Student Aid Report. Your university will use this report to determine if you are eligible for any grants.

Scholarships are another great way to pay for college. Don’t get caught up in the stereotype that the student in your family has to have a perfect academic record or be a star athlete to get a scholarship. Many scholarships are available that are not centered on academic or athletic records. Some scholarships are awarded based upon talents, interests, ethnicity, and in some cases, financial need. Your child’s high schools guidance counselor will be able to help you with your search for scholarships that are appropriate for you. 

Look to an employer for help with college expenses. Many employers include tuition reimbursement programs as a part of their benefits package. By working part-time while attending school, your student could earn a little extra cash and make themselves eligible help with their school bill.

The last resort for speedy help with education expenses is taking out a student loan. As far as debt goes, student loans are usually preferable over other types of debt. Student loans are often available at a much lower rate of interest than other consumer loans. And since a higher education could ultimately increase the borrower’s earning potential, a college education could be considered an investment. Be careful, however, not to borrow more money than is required to complete your degree. Students are often tempted to borrow more than they must have for school and then become saddled with huge amounts of debt.

With these ready sources of assistance, you can be sure that there is a way to help cover education expenses for your student. Be prepared to do some research and a lot of paperwork and your student will be ready for classes this fall.

For more great content, remember to subscribe to my RSS feed. Subscribe

Filed under: College, Kids, Money Management