5 Ways To Help Your Child Afford Education Without Going Into Debt

There are a number of ways that you can help your child afford education without going into debt. By taking advantage of scholarships, grants, and work-study programs, you can reduce the amount of money your child will need to borrow for tuition. Additionally, you can help your child save money by setting up a 529 savings plan or by buying and renting out a property.

One way to help your child afford education is to take advantage of scholarships and grants. There are many scholarships and grants available to students, and you can help your child find ones that they are eligible for. Think locally. Check with your bank, credit union, utility company and nearby schools. Local awards tend to have relatively less applicants than national awards thus increasing the chances of getting the grant or scholarship. Also, start the freshman year of high school to secure more funds.

If your job offers tuition reimbursement, you can use this benefit to help pay for your child’s education. This can be a great way to get help with the cost of tuition without going into debt.

Another way to help your child afford education is to participate in work-study programs. Work-study programs allow students to work in exchange for tuition. You can help your child find a work-study program that they are eligible for and help them with the application process.

You can also help your child save money on tuition by setting up a 529 savings plan. A 529 savings plan is a tax-advantaged savings plan that can be used to save for college. You can help your child open a 529 savings plan and contribute to it regularly.

Finally, you can help your child afford education by buying and renting out a property. By purchasing a property, you can provide your child with a place to live while they are in school. You can also charge other students rent to help cover the cost of the property.