Simple Ways to Help Kids Save Money on a College Education

canstockphoto8601079As every parent knows, a college education doesn’t come cheap. With degree courses costing up to $22k a year in tuition fees alone, your child could end up graduating with a debt of around $100k. This is no small amount, and unless a graduate walks into a well-paid job, it will take them years to pay down the debt.

Despite the cost, a college education really is money well spent. Graduates with a bachelor’s degree or masters in public health from the University of Arizona or similar can expect to earn more than non-graduates. Think of a college education as an investment in your child’s future earning potential. Sure, it might cost you – and them – a lot right now, but in a few years’ time, they will be able to secure a great job and won’t need so much financial support from the bank of mom and dad.

Luckily, there are plenty of ways to cut the costs associated with obtaining a college education. Not all of them will help your kids, but at least some will soften the blow.

Choose the Right College

Some colleges are more prestigious than others, but this doesn’t mean you need to blow your savings sending your kids to Harvard or Yale. Think about your child’s future career and be honest about where they should study. In many cases, a degree from a state university is just as useful as one from a private college. You could even encourage your child to study for an associate’s degree at the local community college, and then switch to a state university for the remainder of the course – it will save them a fortune in tuition fees.

Study Online

Check out online courses. There are some fantastic online courses available these days, many of them at highly reputable colleges. The great advantage of studying online is that the tuition fees are a lot lower, but if your child wants to study for a masters in public health qualification, it is even better because online study can be fitted in around employment. For some kids, an online course is the right decision for them, but it means they will miss out on the social opportunities offered by a traditional college education.

Live at Home

Even if your child can’t study their chosen subject online, they can still opt to live at home while they attend college. This is a good option if there is a suitable college close to where you live, as it will save you a fortune in accommodation costs.

Working Part-Time

Taking on a part-time job is a good way for kids to help ease the financial burden of studying for a degree. There are normally ample part-time job opportunities for students around college campuses. They can work in bars, hotels, and restaurants. It’s a great way to earn some extra cash, which will help pay food and accommodation costs.

There are lots of other ways to save money at college, so be creative!