The first thing to understand is that this post is not anti-college. If your kid needs a college education to get where he wants to be professionally and you can afford it, then you should go ahead and take it. College in itself is a rewarding experience and benefits an individual a lot.
Here are the four reasons why not paying for your kid’s college costs might be a good idea:
Your family will be financially healthy
It’s a luxury to be able to pay for your child’s college education.
Kids not necessarily need to go to a 4 year college at 18 for surviving, and you don’t need to pay for it. Also, more importantly, if his education puts you into debts or jeopardizes your financial future, there is no point in paying for it.
The first priority should be to secure your financial future. In fact, you can get a loan to pay for college, but you don’t get a loan for getting your bones fixed when you retire.
Pay for the pre-college education
You should focus on funding the high school education completely and try to make him more competitive and college ready. This will put your child in a position where he can bag money-saving scholarships, grants and aids because of his grades.
Look for a high school that has plethora of college preparation courses, a strong curriculum, and plethora of extra-curricular activities for making their college application attractive.
Split the tuition fee
Nobody wants to put their child under debt as soon as he graduates. But you can help him pay some part of it or you don’t need to send him to an expensive school.
You can also reduce the big bill dramatically. Here are some ways:
- Pay for AP classes that translate into college credits
- Pay for preparatory books and courses for SAT
- Pay for college visits
- Assist in applying for scholarships and aid
- Apply for FAFSA and provide all information
- Help him find new ways to pay for college –locating less popular scholarships, part time work, considering colleges with lower costs, and looking for job opportunities that offer reimbursement of college fee.
You will be giving an invaluable lesson in Financial education
The day kids graduate from college, they get are awaken. They suddenly find themselves in serious adulating stuff –succeeding in a job, pay for their expenses, and managing wisely.
Helping your kid in paying his tuition fee on his own will serve as a bridge to adulthood. Not only your kid will learn to manage money, he will be ready to face the obstacles he will face while transitioning to adulthood. A feeling of gratitude will develop in your child and he will value the things he gets.