Let’s just say that you have a teenager who will soon be leaving high school. You will feel proud naturally, the same as any other parent. whose child is graduating from high school. It is one of those milestones in life that you have successfully passed, despite all the financial problems that you have probably had to overcome. It is time to celebrate, because you have fulfilled your responsibility of giving your child a brighter chance in life.
But, most people would say, that a high school education is not the be all and end all. In fact, it is only the beginning of tougher challenges that await you and your child in the next few years of college education.
At this moment, you should start thinking about how you will finance the studies of your college-bound child. With the increasing cost of tuition fees, you need to plan ahead well of time to avoid any problems, especially if you not well-off. You probably already know how difficult it is to have to cope with the escalating costs of your child’s high school education before. The earlier you start thinking about your child’s college education, the less you will encounter financial problems later.
If you think you will ever be faced with financial issues again, it is important that you know the different financial aid programs available for your college-bound child. Continue reading to learn the financial aids that can help you:
A Grant: it is the first kind of college financial aid that you can apply for. It only requires you to complete a FAFSA (Free Application for Federal Student Aid) application form. Once the application has been sent, it will be evaluated and if your child qualifies, he/she will be entitled to the full amount of what he/she has applied for. At this point, you need not do anything much further except provide the name of the college or university that your child wants to go to.
Scholarships: In spite of te fact that scholarships are mostly intended for students who have the ‘brains’ but not the ‘money’, not all college scholarships are intended for academics. Students who do not have the best of academic records can still get a college scholarships. There are college sports scholarships, community service work scholarships, social involvement scholarships and many others. These are just a few of the different types of scholarships for your child if he / she is not that academically talented.
‘Student Loans’: these kinds of loan have rather lower interest rates compared to other sorts of loan. Some loans are subsidized, which means that the interest does not accumulate until a student graduates college. Furthermore, these loans do not require collateral, and therefore, you do not need to worry about putting your own home up as collateral against the student loan for your teenager. Most of these loans are available on various repayment plans at low interest rates and low monthly installment payments.
If you haven’t yet started searching for any of the various financial aid programs available on the market, it is recommended that you start now. This financial assistance is there to help you and will give the funds needed for your teen’s college education. You can become free from worries about the cost of your child’s education, if you start early enough.