OCTOBER 19, 2022 – For most of us, putting one child through college – let alone two – is much more than a notion. It involves a lot of planning, saving, and tons of sweat equity. And that’s not counting all the other, intangible ways you’ll need to be supportive over the next four years.
But if you have two offspring going to college at the same time? As the saying goes, “you have your work cut out for you,” in terms of financing eight years of schooling while avoiding financial woes. After all, the high cost of college remains a hot-button issue.
On that note, here are tips for putting kids through college — multiple kids at that.
There are Scholarships, but Cash is Ideal
Scholarships are crucial for a lot of families, especially since there are no post-graduation payments to make. It’s usually an arduous road, though, tracking scholarships down. Plus, your kids are probably wiped out from the rigors of final exams, choosing a college, studying for college entry exams, etc., so they may not much want to participate in the hunt.
Ideally, you can come up with the money to pay for tuition, boarding, etc. Perhaps, if your children are quite young, you can begin saving for all that. That are several ways for you to begin putting cash aside.
Student Loans
If you can’t pay out of pocket, then your first move is to apply for federal financial aid by completing the Free Application for Federal Student Aid (FAFSA). Your options will include federal direct student loans (subsidized or unsubsidized), grants, or PLUS Loans work-study.
- Federal direct student loans. These are for students enrolled at least half-time. Each of your children must fill out their own application.
- PLUS loans. You can take out a loan to take care of education expenses that aren’t covered by other financial aid. It helps to have good credit here.
Take Out a Home Equity Loan
You may not have thought of using a home equity loan for anything except home renovation, but really, such loans can be used for whatever you wish. You must be able to make consistent payments, though, because your home will be attached as collateral. The good news is that because the loan’s secured, your rates will be low. So, if you own your home and have equity in it, check out Achieve home equity loans.
Get Your Kids to Help Out
Tuition, as well as the cost of living, continues to increase. What will your college students do to support themselves during school? You should have this talk with them early, so that they understand that while you’ll find tuition, etc., they must find a way to take care of themselves financially.
For instance, there may be work-study programs available at school. These programs offer students a chance to work according to a schedule that’s fits around their classes. Your children can apply using the FAFSA to see if they qualify for federal work-study.
Then, too, your kids might want to investigate potential part-time gigs away from campus, like dog walking or sitting, or working as a nanny.
Or perhaps you do plan to support your children financially – up to a point — while they’re in school. Maybe you can use the prospect of continued financial support to get them to get good grades. It’s entirely up to you and your circumstances.
Don’t Forget About YOU
It’s understandable – and commendable — that you’ve prioritized sending your children to college. However, you still must take care of you. After all, you have retirement coming up at some point, and you must establish a plan to continue to contribute to your fund monthly, regardless of whatever else is going on.
Keep these tips for putting multiple children to college so that you can refer to it when need be. Just remember, it’s never too early to start planning.