We all know that Paying Cash for College Education is a wonderful dream for many. But did you know that college loans are now the largest unsecured debt in America, surpassing Credit Card Debt. This is a pretty amazing and scary statistic. Believe it or not though, if you do the right things and be sensible with your money paying cash for your college education, is not out of reach.
If you are a parent helping out your child, here are some tips to help you stay college debt-free.
- Make use of the time left: If your child is still in high school, sophomore or junior and you feel like time has run out don’t lose hope. It’s not too late to start saving up. Just putting a little bit a way each week in a high-interest account that is dedicated as your college fund will make a lot of difference when it comes to the time to begin paying fees.
- Have your small business: If you can, start a small business or take on part-time job and dedicate the funds into a college account as well. Put this money directly into a college fund.
- Focus on low-cost college options: The most expensive is not always the best. Investigate State Colleges and Universities around your area, they may not be the best, but they can be great for the first few years. Try to focus more on low cost colleges or universities. Community college is a great alternative for the first two years as well. Not only are the credits cheaper, but you can let your child stay at home not costing you living expenses just like if you’ll have them in dormitories. Cutting the costs but not cutting the chance to be educated is important.
If you’re a student, paying there own way through college or simply helping your parents out, there are many ways you can save a little money here and there to make all the difference.
- Get yourself scholarships: One of the obvious options is to seek a scholarship. This can be a great thing to strive for during High School, so set your goals early and push yourself to gain a scholarship and start your college life off on the right foot.
- Make finances part of your college decision: Apart from thinking about good and well known universities and moving into dormitories, take into consideration its equivalent cost and is that practical. Weigh up everything, is the greater cost really going to get you a better education. It’s not actually the school that counts- it’s the education you will learn and how you will use it to your advantage.
- Try to come up with other cost cutting strategies: Do yourself a budget, break things down in to small manageable payments. If you look at the big picture you will probably find that you can break down the cost of college and pay cash for it. You can use cheaper resources such as renting textbooks or borrowing them from students ahead of you.
- Get a Part-time job is also another way to get you the extra cash you need to pay for your college expenses.
Why not change the trend, start saving now and pay cash for your college education!