(Newswire.net — May 21, 2020) — Attaining a degree from a prestigious university is the dream of countless students around the country, but many young folks are still denied the opportunity to attend a college because they never got started saving. The cost of higher education is greater today than ever before, and it looks like universities are set to get even more expensive, but parents still need to look out for their children. Don’t get disheartened by the rising costs of college, but instead start schooling yourself on how to properly save.
Here’s when you need to start scrounging change for your kid’s college fund, and how you can help them out later down the line before they head out on their own for the first time.
The earlier, the better
It’s no joke to say that the earlier you start saving, the better; as a matter of fact, parents who don’t start saving for their kid’s college dreams early on may never see those dreams come to fruition. As unfortunate as it may be, universities in the United States are extraordinarily expensive; indeed, college tuition is actively getting higher as we speak, and the costs of living on a contemporary campus continue to skyrocket upwards. What’s a parent to do when everything is working against them in terms of costs?
The only good answer is to start saving, and to start saving now, especially if you plan on looking at boarding schools for your child when they get older. Your child’s early education should never be compromise by their latter education; that is to say that no parent should save money for their child’s college career by pulling them from school at a young age or settling for a lesser school at the preliminary stages of education. In other words, saving for your kid’s college experience should begin when they’re in preschool and kindergarten, but should never come at the expense of that preschool or kindergarten.
In 2014, the average college grad left their institution of higher learning with nearly $29,000 in debt, which should illustrate why it’s so imperative to save early on. Parents who refuse to begin saving spare cash for their kid’s college career could likely see their child with a cap and gown in the future anyway, but that new graduate will likely be weighed down by tens of thousands of dollars in debt. At the rate at which costs for high ed are currently skyrocketing, grads in the future will likely face even steeper loan prices if they didn’t begin saving early on.
For many parents, the answer to when to start saving for their kid’s college is before that child is born. If you’re a recently married adult considering having children, you should likely be saving for them already; coming up with a savings account for your unborn child is rapidly becoming more popular with financially responsible adults who want the best for their kids. This is an unfortunate consequence of today’s exuberant tuition rates.
Don’t throw the baby out with the bathwater
Despite the importance of saving up for a college career early on, it’s also imperative that parents understand not to throw the baby out with the bathwater. When it comes to scrounging up spare change, many new parents go too far, and lose track of their priorities when it comes to saving for long-term goals. Investments with the long-term future in mind are crucially important, but don’t forget that there are certain key priorities that can’t be forgotten about while you save for your kid’s higher education.
Finally, parents can help their children manage the ever-rising costs of colleges by helping them attain scholarships as they get older and online loans. This tip isn’t for the parents of high school-aged children alone; if you begin developing your child’s talents early on in life, they’re all the more likely to secure a scholarship for that talent later on down the line. Of course, some parents never attended a college or are just unfamiliar with scholarships and grants, and could use a handy reminder.
Brush up on the ins and outs of scholarships and grants, and you’ll be better prepared to help your child secure one of these valuable rewards in the future before they ship out for their college of choice. Oftentimes, the most important role a parent can play in this process is the supportive one; encourage and guide your children, but put them in the driver’s seat and let them truly take control of the scholarship process. There are few better times to present your child with the funds you’ve been saving for their college costs than right after they secured a grant or scholarship on their own.
Saving up for a modern college is backbreakingly expensive, but parents can accomplish their goal if they start early on in life. It’s never too soon to start saving for your kid’s college costs – get started now, and you’ll be packing your rug rats off to a university before you know it.