Did you know that on average, a 4 year degree program can cost $15-20,000 a year? One of the biggest expenses you will ever pay for your child is their college tuition. Between the tuition fees, exam fees, living expenses,etc. the cost can add up quickly.


Today, the job market is very competitive and those with the best education, tend to succeed. Like many parents, I am sure you want your child to be presented with as many opportunities in their life as possible. Getting an education is one of those things that can greatly increase the amount of those opportunities. Here are five ways that you can fund your child's education.


1. Current family income. Many parents make other financial sacrifices to pay for their child's education out of pocket. This is possible but yet one of the hardest. In most cases, families do not generate enough income to pay for the entire amount and additional avenues of money are needed. 


2. Child pays. Many students work through the summer of each year or while in school to pay for the next year's fees. It can though, be a struggle. A lot of children in this situation find it difficult to juggle the job, school work , and their social life. In most cases, one of them suffers. 


3. Student loans. Some use student loans to subsidize what their parents have contributed out of pocket. Others use a loan for their entire education. The problem with this is that many students find themselves graduating college with substantial debt that they have trouble paying off. 


4. Scholarships or grants. There are many sources for student scholarships or grants. Many can be found online or at the local university's student services office. The advantage with these is that they don't need to be repaid. The disadvantage is they are not guaranteed or predictable so relying on them for the future poses risks.


5. Education savings plan. These are offered at colleges and banks and can be started when your child is a newborn. Both you and your child can contribute. They also include compound interest so the earlier you start one, the better. By doing this ahead of time, you have ensured you will have the money for when your child needs it. 


As you can see, there are a number of different ways you can pay for your child's education, but the only way to guarantee the funds is by saving ahead of time using a education savings plan. Your child can still work and contribute if they would like. They also can still apply for scholarships and grants. Having the education fund provides the security for your child to get the best education they can and be provided with a variety of opportunities when they graduate.


So how are you saving for college? What methods have you tried? Share them with us.

5 Ways To Pay For Your Childs Education Miss T has written 579 articles on this blog.

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