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How to save and pay for your children’s higher education

Updated on July 10, 2016

Parents want to help their children with college the best way possible. Even by doing so, those children usually find themselves getting part-time jobs to save enough money for things such as tuition, room and board, and transportation. Sometimes, parents and their children are unable to pay for college since they find it to be so expensive. Maybe it is because of low-income jobs, or they believe they can't afford it at all.

However, there's always a solution toward making the cost of an overall education more affordable, no matter what college your children decide to attend. Opening a savings account for college funding is a good start, as well as looking into financial aid. You just need to do some good research to get ways to accumulate savings that can pay off your children's college education.

Use a bank for saving

The most important starting point in financing for college is by saving money. You can open a college fund account for your children shortly after they are born. In the meantime, explain to your children the importance of saving. Advise them to put their share of pennies in a bank regularly.

On the other hand, you can open a savings account at your bank. They can put their change in their accounts on a regularly basis. It is highly recommended that you and your children start saving as soon as possible. Just keep in mind that any pennies dropped in either bank account will be enough to pay for college, because every bit helps.

Sign up for financial aid

Visit your children's high school to learn about financial aid (FAFSA). You can speak with a guidance counselor about financial aid options. This can include scholarships, loans, work-study programs, and grants. If you decide on borrowing money, loan programs that are offered through government, colleges, banks, or other sources can hold different payment methods. There are installment plans included, for which the payment stays the same, and the load is paid over time.

Receive funds

Funds help, too. You can get more information for funds from local businesses, organizations, and other sponsors. If your children still need to borrow money, it helps that you encourage them to avoid doing it for tuition, fees, and room and board while paying for other expenses that include books and supplies. Every so often, government awards such as state grants can cover their entire tuition, excluding the coverage for the books.

Buy used books

Once your children are in college, you can encourage them to purchase textbooks that are used. Some textbooks are sold about fifty percent lower than those that are brand new. College bookstores usually have them on sale, or you can search for reduced-price books at websites like Chegg.com or Amazon.com. Buying brand-new books can take a good chunk of money, but used books are a good way to save some cash that can always be used for other expenses.

By following these steps, your children will be on their way of getting the degrees they wish to receive. If they are accepted at a college with the most expensive cost for tuition and other fees, don't let financial issues get in their way. Have you and your children plan ahead, and ask for assistance when needed.

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