You shouldn’t consider yourself a failure if you didn’t save anything for your child’s college. In real sense, you can face financial challenges that could disrupt your savings plan. But look, you can still find ways of financing your child’s college even with zero savings. So, your child education plan is still very important, you can also opt for online life insurance for your child. So what should you do? Below are 6 ways you can pay for your child’s college even if you don’t possess any savings.
1) Help Your Child Secure a Profitable Major
You should strive to secure for your child the best major to pursue in college so that he or she is capable of settling any bills in the future.
There are many profitable courses you can select for your child in India. However, ensure that you’re not forcing your child with a course he or she holds no interest in.
For instance, if your child loves to discuss legal issues, then he or she may be suited to pursue law at college which is also a profitable major. If your child is much into technology, then you can encourage him or her to take Computer Science Engineering.
2) Help Your Child Get a Paid Internship or a Side Hustle
Help your child find a paid internship around the college or get a side hustle.
There are tons of companies that offer paid internships. If you don’t know of any, you can search on Google, “paid internships+campus location”. Start freelancing as a side hustle to help him generate some little money.
3) Help Your Child Earn College Credits While in High School
Start encouraging your child while he or she is still in high school to sit for AP exams to earn college credits. An alternative to this would can be a College Level Examination Program and dual-enrollment program.
It’s better to pay for such exams of your child because they are cheaper compared to what you’d have spent in college because when your child gets an average of 3, then most of their expenses in campus will be covered.
4) Help Your Child Secure a Student Loan
Even though your child may have secured a federal aid, that still may not be enough. So, what should you do? You can back up the federal aid with a student loan… Helping your child in this case means that you are his or her cosigner.
5) Reach Out to Relatives
If you share a good relationship with your relatives, seeking financial support from them is also an option. However, find out if they are even comfortable to enter into such a commitment in the first place. If you sense a positive response from them, then go ahead and ask for their support. In case you don’t, it is best to avoid asking for help.
6) Think Affordable
Once you have received financial aid from different sources, select an affordable college. Consider the living cost around the college in terms of food, accommodation, commute, etc. Such questions will help you make wise financial decisions.
Once you have admitted your child into college, make sure you work hard enough to generate some money and set it aside for emergencies. This will help in case of emergencies like sudden ailments, educational expenses or miscellaneous costs.