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 [Read more…]
