Best financial tips for education of college degree.

Knowing that your child will be attending college is a great feeling for any parent. Knowing how you’re both going to pay for college is an even better feeling. Here are some tips from higher education financial advisors on how to cover tuition, fees, and books with as little stress as possible.

Follow these best financial tips for education of college degree rigorously and lower the burden of higher education. These are all easy to follow, it just needs proper financial discipline and premium payment at regular intervals.

It never hurts to save:

While you probably won’t be able to save enough from your paychecks to completely cover the cost of tuition, saving a set amount from each payday can certainly help. The earlier you start saving, the better off you’ll be. The money is compounded tax-free and with certain plans, such as 529 plans or Coverdell ESA plans, you won’t be taxed upon withdrawal either.

Also, with most college savings plans, you are not penalized if the student finds other ways to pay for college, such as tuition assistance from an employer or financial gifts from family members.

Grants and Scholarships:

The best thing about qualifying for grants and scholarships is that the money is free. No matter what degree you are pursuing, there will be several opportunities to apply for. To find out which ones your child should apply for, have them talk to their financial advisor at the college they will be attending.

If you are an alumni of the college they want to attend, there may be financial benefits that your child can take advantage of.

Help them secure Financing:

By helping them with a loan, we don’t mean loaning them money yourself. This means co-sign a loan for them. When your child applies for a loan through a private lender, they may not be enough to be approved at first due to a likely blank credit history. However, when you as a parent act as a student loan cosigner, they are more likely to gain approval.

By adding you on the application, your financial security will ensure that they are approved at the best rates and your child will be able to pay for tuition and the various other expenses that go along with school.

Look at Work-Study:

One way to help defray the cost of college while also learning about responsibility and making ends meet is having your child get a job while they also attend school. While some parents may think this would be a distraction for their studies, if they enroll in a work-study program, their job schedule will be tailored around their class schedule. This way, neither one interferes with the other.

Your child also learns the value of working hard, no matter what else is going on in their lives and they may very well learn that anything worth having is worth working hard for.

Start small:

Instead of rushing right into a 4-year school, many recommend a student get their general education credits at a community college. These schools are much cheaper than state schools and certainly less expensive than private schools. The best thing with this option is that your child will still be getting a quality education, but at a fraction of the cost.