It’s possible that young adults experience a fine college education or earn a useful degree without building up a ridiculously high amount of debt? Many parents have a financial plan for their children’s future college or university education without realizing that they have no control whatsoever over what their adult children ultimately do after they’ve turned 18.
It could well be that their best-laid financial plans turn to dust. So this makes hopefully clear that it’s always good to have some backup ideas regarding your children’s college planning but please avoid the mistake some parents make by taking a too tough approach when it comes to their children’s college planning.
There are parents that think that their children can pay their own way through university or college. Fact is that when their children threaten to get into the military services because the military will pay for college, don’t be surprised to see their attitude change quickly!
Don’t rely on in-state tuition. Among the biggest mistakes parents make is that they assume that their children will be saving money by enrolling in a college within the state. There are quite a few states that offer scholarships for children that decide for attending state schools. Maybe it’s better to apply for a scholarship that allows your child to attend college in a different state. And if your child decides for attending college in another state, take a closer look into community colleges that have dorms or residence halls as they generally offer authentic college experiences at more affordable rates.
There are students that can pay college without racking up too much student debt by signing up for a less expensive community college for their first two years. They should just focus on studying for a pretty realistic degree. One more planning pitfall when it comes to your children’s education is to encourage your children to enroll in college without whatsoever specific or realistic goal in mind. Please note that some in-demand and lucrative study fields like nuclear medicine usually come with long waiting lists and acceptance into those programs can be challenging. If you want to learn more about Nursing Scholarships, check out this post.
Students can easily accumulate a lot of extra debt when they’re switching majors or any other academic programs. When you’ve committed to a program, be sure you’ll be applying one year in advance at least to avoid they put you on their waiting list. Researching different study fields first to be sure that your specific degree will also lead to your desired job and has good income potential may also not hurt.
Check also with the university or college of your choice to see if and how many credits you may transfer. High school students may very well receive credits through so-called “dual enrollment” courses that grant high school credit and college credit simultaneously. Everybody knows college tuition comes at a hefty price. Over that last decade, many universities and colleges have had serious tuition increases caused by cutbacks and recession influences so you better begin with saving as much as you can to pay for your college education.
Many parents and students make another mistake by saving money just for tuition. They should, however, also plan for costs of, for example, study books, housing, heating bills when their kids live off-campus and not at home, and so on. They should also save some money for other expenses like transportation cost since their children may need to have their own transportation means to get to lectures, internships, or practicums. Today, encouraging college student to pay for college through a part-time job is not easy for most middle-class families. However, with the appropriate strategies, that can be done.
Encourage your child to take on a job that’ll take some 8 to 16 hours per week as you’ll understand that college students will be able to juggle just so much. Among the best college student jobs are working as a dorm assistant, tutoring other students, or serving food either at college or at a private restaurant.