How Your Child Student Can Help

You don’t have to finance children’s education entirely on your own. Here are some ways your child can help pay for the costs of an education.

• Attend a community college for as long as possible. You will find it tremendously easier to finance children’s education if you can encourage them to attend a community college for the first two years of their college career. Community colleges usually have identical course offerings and quality of instruction for a much cheaper price than four-year institutions.
• Part-time employment. It’s difficult to handle a full-time job while going to school, but your child should be able to manage at least part-time employment. Working just 10-20 hours per week can help the student make a significant contribution to his/her education expenses. Additionally, having students pitch in to help pay for their own education makes them more invested in and more appreciative of the endeavor.
• Grants & scholarships. If your child hasn’t already done so, he/she needs to visit the school’s financial aid office to find out about scholarships and grants. A considerable amount of money is available to students from all walks of life, so encourage your children to investigate the awards for which they might be eligible. Because scholarships and grants do not have to be repaid, they are one way to finance children’s education without borrowing.
• Altering the “dependent” status. Depending on your income, your student may actually qualify for more financial aid and tax breaks if you do not declare him/her as a dependent on your income taxes. On the other hand, by not declaring your child as a dependent, you may also lose valuable tax breaks. Consult your accountant to discuss which scenario would be best.
• Work-study positions. Most students can qualify for work-study positions to help their parents finance children’s education. Work-study positions give students in need a job to assist them with educational expenses. If your child qualifies for a work-study position, he/she will be paid by the hour. Graduate students, on the other hand, may be paid by the hour or on a salary basis.
• Work full time in the summer. Having your student work full time in the summer will be a considerable help to finance your children’s education. Especially for college students who do not take classes in the summer, full-time employment is a wise way to spend those two or three months. The money your child saves from summer employment can then help with fall tuition and living expenses.