Managing the High Cost of College
The cost of college tuition is increasing by 5 percent every year and that has made parents worried about how they are going to manage the cost of books, technology, and fees for their children. But, there are some ways which you can easily manage the soaring cost of education by planning in advance and also shopping for the needs of your children smartly.
Managing the High Cost of Books from the Campus Bookstore
Instead of spending hefty amounts in buying books from the campus bookstore, it is better to let your teen buy used textbooks. So it is advisable for students to search book markets even before classes begins. Students should get their syllabus in advance so that they can buy the best available used text books and save a lot of money for their parents.
Spend on Technology Only if Required
Instead of letting your children buy their favorite gadget for college, make sure if they actually require it for their education or not. Not every school requires their students to have laptops so avoid spending unnecessarily. Review the syllabus of your children in detail before spending money on expensive gadgets like laptops, cameras, calculators, book readers, etc. and buy only those they actually need. Your next step should be to check what facilities their college has to offer, whether they have a bookstore, computer room, etc. Make sure your children make proper use of the facilities offered by colleges as they are there for their benefit. Ask your children to apply for library passes and special student discounts offered by different companies that sell gadgets, software programs, books, etc.
When it comes to buying gadgets for college never miss out on sales and profitable deals. Buying online is also a good option because generally, online shopping sites offer amazing discounts on accessories and gadgets for students. Also prepare a shopping list before you hit the market and exercise self-control so that you can refrain yourself and your children from buying things which are not actually required.
Scholarships Can Help Control the Cost of College
If you see capability in your child and are very hopeful they may end up getting scholarships then start early planning. Academic records, extracurricular talent, and participation in various projects from their high school forms the basis of being awarded a scholarship. Most of the scholarships are awarded on first come first serve bases, so it is better to look out for the possible sources of scholarships like your local community, business, churches, colleges, government units, etc. for their scholarship programs. Remember, all the institutions that offer scholarships have deadlines for submitting your application so make sure you never miss the deadline.
Your Child Can Help Offset the High Cost of College
If your child has the ability and is also willing to lend you a supportive hand in aiding their education financially then let them work part time. The best option for students is to get associated with federal study programs offered by schools. These on campus jobs are very helpful in covering the cost of college. In case your teen fails to qualify for it then the option of a part time job is also open. But it is important they should opt for a flexible part time job so they can have enough time to attend class and study.
Avoid Falling into a Debt Trap
Taking out loans should be your last option for managing the high cost of college. However, some may debate that loans are a future investment for their children but they forget that it also creates a burden of debt for them. So it is always advisable to go for scholarship money first. Even if you feel the need for a loan make sure you take the plan that has lowest rate of interest. Government education loan programs are an excellent source instead of private banks. Also make your child understands that the money you are lending for their future is for education only so that they won’t spend it on their leisure.
These are some of the easy ways to meet the high cost of college of your child while providing an excellent education for their bright future and success in the long run.