“How To Save Money For Tuition Fees”

[Trillionphil]

As soon as their child is born, parents can start saving up for their children’s college education.

With tuition fees climbing up yearly, it is better to have a sound financial plan so that it would not be difficult for you to send your kids off to college when they grow up.

Aside from the cash that you have saved yourself, here are the top 3 sources that can help you get your kids through college:

1. Scholarship grants
2. Part-time jobs
3. Financial aids

These are good alternative sources for your children to start off on their college education.

But as a parent, you would not want to fall in those long lines for financial aid or let your child work himself to death just to have money for tuition and other expenses.

Here are some ways on how you can have a jump start at shaving off those hard-earned bucks for your child’s college education:

1. The earlier, the better.

Start investing your money as soon as your child is born.

First, put the savings or investments under your name.

Later on, decide whether you want to transfer the account to your child’s name by the time he or she turns 15. This way, you will have minimal taxes, if at all.

However, you need to be careful when transferring account names.

Some states require a total turnover of funds once your child turns 18 or 21. This is also ineffective if, in the future, you apply for financial aid.

Also remember that tuition fees 10 or 15 years from now may double or even triple the current rates.

2. Establish a trust fund for your child.

This is a very wise plan for a child’s parents or relatives to invest in.

A trust fund is similar to a time-deposit where the money will be given to your child after a certain number of years.

After the designated time, the fund may be received in one lump sum or through an installment basis.

When building up a trust fund, check out details like the interest rates, taxes and withdrawal restrictions.

All in all, you need to approximate the costs of tuition fees, dorm room, meals, books, and other expenses that may come up.

Make sure that you invest money wisely as your child grows.

By the time that there are only two or three years to go before you send your son or daughter off to college, "lock" an ample amount of the funds by investing them in low-risk bonds to ensure that you will get to have enough for them to start their college education.






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[Augusta]

This is so true parents need this tuition fees planning years ahead of time to being frustrated in the long run. Tuition fees are skyrocketing this days and it looks like education is becoming more for the rich so for an average income earner it Should be a thing to plan ahead. Buying properties as assets for future sales can be a very wise decision since assets like land appreciate all the time, this will help one to have money in future to pay the high cost of tuition fees. Looking out for grants from the government is another avenue but it still good to have your personal money which is the best assurance.

 

[Nova]

I think many parents are not going to pay for the school fees this year. Considering there is no school and kids are not going to be attending it. So there does not seem to be any fees necessary. But the schools are forcing the fees so that they can get paid. I think by now the parents are learning to not waste their money on the tuition and instead move towards the online tuition and the education. I think that is something many people are not aware of.

You can see that when you are attempting to go for the tuition with school, this year and the next year this can be money saving. I think online schools and the people who teach other people online they are more likely to help you with various types of the fees can be saved which you waste in the school.

 

[Kingsley]

Tuition is what is paid to cover the expense of the service we receive from school there are ways we can cut down on the expense by winning scholarship and even it might come with some sought of stipend. So this will support the student, but to win this you need to be academically sound, and distinguish yourself.

 

[Alexandoy]

I agree with the early saving for the child's tuition needs. However, most parents do that only for a short time. It is part of our family's culture to save the monetary gifts the child receives for baptism. In our religion, the baptism is done while the child is still a baby. But with the monetary gifts usually the parents would spend it on other matters.