How to Help Your Child Make College More Affordable

No matter where your child is in the college planning process, if you are worried about the costs, you are not alone. There is still time to prepare financially, and doing so means you can make school more affordable for your kids. The most important thing is to be transparent with your kids about what you will and will not be paying for. 

Help Them Get a Student Loan

Student loans are used to cover the remaining balance after a student has received financial aid and scholarships. It’s not uncommon for a student to need a cosigner on their private loan, especially since they don’t have much income or credit history. If you are considering cosigning on your child’s student loan, you likely understand that it comes with a number of responsibilities, but you might not know how far those extend. If you want to know more, you can look at a guide with information to answer your questions.

Help Them Navigate Scholarships

Your student can apply for scholarships no matter how far along in their degree they are. If your child does not have enough financial aid, scholarships can make up some of the difference. It does take some time to find and apply for them. For a student to increase their chances of getting scholarships, they should plan on applying for at least 50 of them. 

There are different websites your child can use to search for them throughout their college career. They can search by skills, interests, or degree paths. Some are based on factors out of a student’s control, such as their ethnicity or personal background. Others are based on skill, so have your child apply for as many different types as they can. Make sure your child is not focusing on only the ones with high dollar amounts. 

Large scholarships that offer thousands of dollars toward tuition may be extremely difficult to get because everyone else has heard about the scholarship and will be interested in it as well. While a smaller one might not cover as much, it can be easier to qualify for, and even a few hundred dollars can cover books for a semester. Private colleges may offer more scholarships than larger ones, even though they have higher upfront costs. It’s a good idea to apply before starting college, but there are plenty of opportunities for students who have been in school for a while.

Reducing College Costs

Reducing the amount you need to pay for college may be an attractive option as well. While tuition tends to be fixed, there may be ways to save on textbooks and room and board if your student can live off campus. For textbooks, it may be possible to find options online if they are the correct editions. One of the biggest reasons students tend to spend beyond their means is because they go out with their friends. Even little amounts here and there can add up quickly, and this can push your spending too high. Creating a savings goal allows your child to better manage their monthly spending.