How Does a Parent Pay for Their Children to go to College?
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How to Research Funding Options Prior to Selecting a College
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Parents should start researching options to help offset college costs prior to their child selecting a college to be certain they meet application and funding deadlines. If they start doing their homework from the start, including when their child is a high school junior, once a college is selected, they will be better informed of their options regarding federal, private funding and any funding available through the selected college. See Resources for comprehensive websites that list loan options.
Ways to Finance College After Your Child has selected School
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Once you and your child have selected a school, contact the financial aid office immediately. They can tell you about Stafford Loans (government loans), private loans (through outside lenders) , grants and scholarships (both private and college-based) and consolidation loans.
Be sure to meet all deadlines for applications and if possible, apply early which sometimes requires you estimate your tax returns prior to actually filing. You can amend them later.
Keep in mind that for scholarships, there is a pool of money and you want to be sure to get applications in early as they may be first-come first-serve after meeting basic requirements. -
Creative Ways to Pay for Your Child's College Education
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Ask the financial aid officer at your child's high school to assist in locating scholarships that may be specific to your child, income and family situation. For example, if your child is of Asian descent, there may be private scholarships available at schools on his or her short list.
If you are a single parent with no additional source of income, you may qualify for scholarships. Research your local city councilman or government office to find out about scholarship money earmarked for your child to attend a local college or university.
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