What should every parent and college-age youngster know about paying for a four-year degree? With the cost of college at an all-time high, as you get your teen ready for college, it’s worthwhile to explore every financing avenue out there. Fortunately, there are several reputable scholarship search services that can help moms, dads, and children find grant money from hundreds of sources. Likewise, parents can serve as cosigners on kids’ private loan applications to boost the chance of approval.
What other options are there for parents and students besides scholarships and loans? Many college-bound teens choose all-online degrees to cut the cost of education to a bare minimum. Other students attend community colleges for two years while living at home. After that, they transfer to a four-year state school to complete their degree requirements. Many top institutions offer work-study arrangements and other money saving ways to earn diplomas without spending a fortune. Here are pertinent details about effective funding hacks for students and their parents.
Cosigners for Loans
The federal college loan program is helpful, but a large percentage of applicants reach their borrowing limits early on. When savings or family college funds aren’t enough to cover the remaining expenses, private loans are the obvious next step. But teens rarely qualify for traditional loans and end up turning to parents or other trusted adults who can help gain approval. What happens when parents don’t want to cosign?
There’s no legal mandate that they do so, but many moms and dads put their signatures on a child’s private loan application to boost chances for approval. Mothers and fathers, as well as their children, should find out the facts about cosigning before submitting a loan application. While the process is straightforward, there are special obligations for cosigners and primary applicants on such loans. But it’s true that large numbers of college-bound young people benefit from having a parent’s signature on their loan app.
All Online Degree Programs
Thanks to modern technology, all online degree programs are flourishing. Not only does remote study allow people to work and live at home during school, but the cost is much lower than traditional, in-person schooling. Young adults who want to graduate with little or no debt can choose from hundreds of online colleges and universities. The good news is that most of the nation’s academic institutions now offer full or partial online degree programs that cost just a fraction of what it costs to attend in-person courses for the duration of the four years of study.
Community College
One of the best-kept secrets in education is the local community college. No matter what field a person wants to study, they can pick up the initial two years of coursework at a low-cost community institution and then transfer to a larger, four-year school to complete their degrees. Tuition at a typical community college is usually less than half of the cost of attending a traditional university or college. Public community colleges offer superb value for the educational dollar. Because nearly every medium and large city has multiple community college campus sites, kids can live at home while taking courses.
