Education is very important, but one frightening thing to note here is that it is also very expensive. College or tertiary education can bring you to greater heights as someone who possesses a degree can work with a higher pay.
But again, it is quite expensive now and funding for it might be too much for your pay grade. If you do not have the cash on hand, you might want to try other financing options such as an online cash advance scheme.
Of course, your child can apply for a scholarship, but they might struggle in one subject or two and that would drop him/her out of the program.
So, the question here is, who should pay for your child’s college education? I will explain my thoughts in this article.
1. Get a Student Loan
Your child can get a student loan and they will be the one to pay it back in due time. Actually, a lot of incoming college students do not want to burden their parents anymore and that is why they’re shouldering the cost of their education.
Now, student loans are quite forgiving since, as all of the lending firms agree, they are tight on the budget. There are flexible payment terms and it can be easily paid once the student has a good-paying job or the like.
2. Alternative Financing
As previously mentioned, you can acquire the money for your child’s college education through alternative financing methods such as a home equity line of credit (HELOC) or perhaps, even the online cash advance program.
The latter is easy to apply for and you can get the money at the soonest possible time. Approval of your application is fast as it can be approved in a matter of a few hours.
3. Use your 401 (k)
If you’re still working, you might want to tap into your 401 (k). The beauty of this is that, like the student loan, the payment terms are quite flexible and easy for you.
Furthermore, if you’re going to borrow money from your 401 (k), you will be paying them directly via salary deduction instead of a financial firm such as a bank or credit union.
4. College Grants
Your child can apply for a college grant like the Pell grant. College grants are different than loans in that they do not need to be repaid.
However, there are certain requirements that your child must meet in order for them to be eligible to apply for a grant. They must be an undergraduate with no college degree, your child must have a high-school diploma and on top of that, they need to calculate the possible estimate of their financial needs if they’re going to a specific college as well.
Conclusion
So, to answer the question, “who should pay for your child’s education?” The answer is not really clear-cut.
For me, both you and your child can collaborate and chip in to fund their college education. If getting a college grant, applying for a HELOC, or student loans are inconvenient for you and your kid, you might want to apply for an online cash advance scheme instead.