How to Fund Your Child’s Education

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Even if your child is still a toddler that just means there is plenty of time to start thinking about their
college education! Okay, so this might be scary for you to consider – you don’t want them all grown
up just yet – but, especially if you are paying back your own student loans, thinking about your child’s
future now instead of later means that your additional planning time will help them out in the long
run … and may give them an extra boost for success. Besides starting up the college fund most people
wish their parents had put away for them, here are a few other sources to help fund your child’s future
educational experiences.

Scholarships and fellowships. Scholarships and fellowships are the best option because they’re totally
free! Scholarships can be found almost anywhere you look (your child’s future guidance counselor will
prove invaluable when the time comes to hunt them up), and are usually tailored to a particular area of
your child’s expertise (if they’re musically inclined, for instance, you would look into music scholarships).
Outstanding scholars are usually subject to a fantastic array of scholarships and fellowships as well.

Grants (or more free money!) You can look into applying for a federal Pell Grant, which are offered to
undergraduate students whose families make under $20,000 annually. Another grant that may prove
helpful is the Federal Supplement Educational Opportunity Grant, designed for needy undergrads. If
your child maintains a 3.0 GPA during high school, during their first year in college they may be eligible
for the Academic Competitiveness Grant.

Student loans. Though loans are a somewhat scary option, the silver lining is that they offer your child
instant money that they will eventually have to pay back, which teaches them the value of responsible
spending, budgeting, and long-term planning. Before the beginning of February, you should sit down
with your child and fill out the Free Application for Federal Student Aid (or FAFSA) to find out for which
loans they’ll be eligible to receive. Most undergrads are eligible for a Perkins Loan (up to $4000) or a
Stafford loan that comes from private lenders or the government.

Work study. This is another option that helps teach your child the value of responsibility because it
requires that they work while they learn. Work study usually means they’ll be working for a few hours a
week somewhere on campus, usually in the cafeteria or college bookstore, but some lucky students may
find office work in the department where they are focusing their studies.

The army. The military is another option that many needy students turn to, especially if they are on
their own or don’t qualify for student loans. Your child may be eligible for army scholarships that will
supplement their military education, whether they decide to attend college first and then serve, or serve
a few weekends throughout the year and then work on school.

Though it may seem impossible to you now, that baby in your arms is doing to need education sooner
than you might expect. Why not give them the best?