Help Pay for Your Child's College Without Harming Your Retirement Plans
College isn’t cheap and tuition prices continue to rise, so if you’re a parent it can be a challenge to pay for your child’s college tuition and still save for retirement. StudentLoanHero has some tips from parents and college graduates that will help you pay for college without putting any money on the table.
1) Help your child fill out a FAFSA. The Free Application for Federal Student Aid (FAFSA) can provide grants and loans for your kid’s college tuition. The FAFSA can be complicated and parents told StudentLoanHero it should be a team effort, since it’s too difficult for a high schooler to fill out on their own.
2) Help your child choose a major that will lead to a high-paying job. If your child nabs a high-paying job they can help pay off some of the student loan debt. Some tips are stay current on employment trends, using sources like World Economic Forum and PayScale and use U.S. News & World Report’s tools to find average graduate salaries, endowment per student and four-year graduation rates.
3) Help your child navigate private student loans. When it comes to private student loans, college students may need a parent cosigner to qualify or receive a better interest rate. If you cosign, you can get your child the money they need without spending any money upfront. Keep in mind, don’t forget to teach your child about the repayment process since you’re the one on the hook for the bill since you’re the cosigner.
For more tips, visit StudentLoanHero's complete list of tips.