Saving money for your teen’s college education is as easy as ever. In this day and age, there are all sorts of grants and student aids that allow your child to succeed without being financially distressed. In addition, there are also student loans that your child can think about, and they are definitely very relaxed when it comes to paying them off. For most student loans, there is almost no interest, and they can be paid off after college. While being loaned money is not exactly the best bet, it is definitely something to think about as a last resort.
It is almost impossible for your kid to go through high school and not get some sort of grant or scholarship. Unless they have an extremely low GPA when graduating, (or have been in a lot of trouble when they were at school), they should at least walk out with a few hundred dollars that they can put towards a starting degree. In addition, most people look in to setting up a savings account so they can help their kids afford college without having to raise all of the money themselves.
What a lot of parents do is set up an account and automatically deposit a small portion of their paycheck to said account. This technique is basically out of sight, out of mind, because they won’t even realize that any money is being taken out because it’s such a small amount. In reality, this money can slowly stack up over the years and actually pay for a two-year degree itself. A lot of parents will be surprised at what a difference a two-year degree can make, and the opportunities that it opens up almost immediately after finishing it.
To most college kids, the first two years are the hardest. The transition from high school life to college life is absolutely crazy, and the financial burden that is placed upon them during this time can be almost impossible to balance. The key is to get whatever money in place that you can now from scholarships or grants, and use them to get those first few years of college knocked out. Ideally, you want your children to spend it on things like tuition and cheap college textbooks. In reality, this is saving yourself money in the future, because you will be able to get a decent full-time job with a two-year degree, and pay off the next two years, (if that’s what type of degree you are going for), with any leftover scholarship money.
One of the dumbest decisions that teens make is blowing all of their financial aid on things that they do not need. It is much smarter in the long-run to use whatever money you need for tuition first, and then think about spending it on things that you don’t need after you actually have a degree.