How Can I Afford to Send My Child to College?

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Helping your high school senior as s/he applies for college is a natural part of parenting. However, when it comes to financing a college degree (especially for parents who have several children or are already struggling financially) – how much help can you give? With the radically rising prices of college these days, along with families who are already dealing with money struggles, it can be next to impossible for some parents to foot their child’s education bill.

In fact, many people are still paying off their own student loans by the time their children are preparing for college. Currently, there is no formal plan in place in the U.S. to help lessen this strain on families, but there may be hope after the 2016 presidential election.

Assuming there are no changes made to the current cost of getting a college education, parents need guidance! A recent study showed that, when it comes to students with parents on the bottom half of the U.S. socioeconomic ladder, they make up only 14% of the undergraduate population at top U.S. universities.

Many students and parents feel that applying to college is a worthless endeavor if they wouldn’t be able to afford it anyway. It’s important for these families to know that there are in fact, many options that will allow your child to attend college (often at an elite university!) at a significantly reduced rate. Often times, students who are high achievers but in a lower economic bracket are given free rides.

The first thing that most high school guidance counselors recommend is to use every resource you can find to look for appropriate college scholarships. Believe it or not, more than $100 million goes unclaimed every year in college scholarships! The reason for that is that many people simply don’t know where to look.

Scholly is an app that can be downloaded via the App Store, Google Play, and can now be  accessed via the web. Scholly was designed to help take some of the burden off of students and their parents when applying to colleges. The app uses an adaptive matching engine that matches students with scholarships that they qualify for, and weeds out things like internships and advertisements.

In addition to private scholarships like those that can be found via Scholly, families with financial struggles should know that all colleges are not created equal. If your child is a high achiever, s/he will benefit from attending college with classmates who are also high achievers. Simply because this means considering elite colleges does not mean it is a worthless endeavor.

In reality, students who come from poorer families often either A) Don’t bother applying; or B) Only apply to local, less expensive schools rather than applying to a top university. A great number of high school seniors have a poor understanding of the college financial aid process and assume that their family could not afford the cost of an elite education. The truth is that at some elite schools, families who earn less than $65,000/year do not have to pay anything!

While we admit that our country needs to adopt a better way for all students to receive a higher education, as it stands, there are financial options available for those students who have the grades to be accepted. To learn more, visit Scholarships.com.

 

Image credit: COD newsroom

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One Response to How Can I Afford to Send My Child to College?

  1. Pingback: Is Unpaid College Tuition Dischargeable in Bankruptcy? | Veitengruber Law

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