Consider These Tips When Paying for Child’s Education
There are tons of things you can do to help pay for your college education. However, many of the options result in a large debt pileup. Instead of taking out all the loans you can get your hands on, consider these money saving tips:
When shopping for school, get past the sticker price. If the price sounds overwhelming, remember that there are a lot of opportunities to apply for rebates and scholarships. You just have to put in the effort and look for them.
Live off campus. With room and board jumping 65 percent over the past decade, off campus housing is sounding more and more attractive. Splitting the cost of rent and food with a roommate can really cut down costs.
Take that year abroad. Even with transportation costs, studying abroad will save you money compared to what you would spend on a semester at a school in the U.S.
Return unused loan money. Students will often use the extra money to pay for costs not related to their degrees, only adding to their total debt.
Don’t be afraid to ask questions. The financial aid office is there to answer your questions. In fact, many schools view asking questions as a sign of serious interest.
Share debt with your children. It’s an admirable goal to not want to stick your kid with debt, but there’s nothing wrong with borrowing a little on the student’s part. It can help teach them to manage and understand costs.
For more ways parents can cut costs on their child’s education, please visit US News.
*To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or tax related matter.