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Are you trying to lessen the financial burden of college for your child?
Many parents worry about how they’ll help their child financially in college. While college is now more important than ever, it has become more and more expensive, and many parents have multiple children who go to college. This means you’ll no doubt be looking for ways to ease the financial burden. Here are some ways in which you can cut costs when your child goes to college.
While your teenager may be looking for the full college experience, the truth is, campus living comes with a big price tag. The average cost of room and board at college is around $8,000 for a public school, but this is higher for private schools, especially the more prestigious colleges. If it’s possible for your kid to live with you, it could slash the cost of college.
Related: 4 Best Tips To Save Money For Your Child's College
Many people get a little sniffy about community college. However, it can be a good way to slash the cost of college fees. Your child would do two years at community college (which tends to be inexpensive) then they transfer their credits to a regular college before completing the last two years there. Community college costs under $4k a year on average, so when compared to other college fees, it’s a bargain. Just check that the college your child wants to attend eventually will take these credits.
There are many scholarships out there for those with different talents, athletic abilities, academic achievements, and more, so make sure your child doesn’t miss out. For example, your child could start looking for basketball scholarships—or other awards they want to apply for—as soon as possible, as the process can be long, and they often have to complete tasks such as writing an essay.
Whether you pay your child a lump sum for college, pay their tuition, or give them money throughout their education, you should make sure you claim the correct tax credits in order to make the most of your money. For example, the American Opportunity tax credit can be claimed for more than one child who you are supporting, so make sure you are making the most of all tax breaks.
Nobody wants to support their child for years and years through college, but once they hit the four-year mark, if they haven’t graduated, they may not make it to the finish line. Only 41% of students at four-year colleges graduate within the four-year timeframe, so if you want to avoid paying many years of fees, encourage your child to:
While college can be a big financial burden for parents, it can help your child get on the right path and opens up many opportunities for the future. There are a few ways in which you can make college less expensive, which is great news for those who have more than one child to support through school.
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