Do Parents have Alternate options to borrowing for college education of their child?

   2 years ago

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Answered 2 years ago

Yes, of course borrowing is not the only way to pay for your child’s education. And borrowing in your name too, isn’t the only option you have as a parent.Let’s discuss what alternatives can be taken by parents and students to pay for the college expenditures for good colleges like University of Notre Dame and Cornell University.

  1. Sit down with your children and discuss options for going to college without any debt. These options include getting scholarships which are not only limited to your test scores, but you can also get yourself a scholarship based on your over al performance in high school. Your participation in extra-curricular activities in high school can also help you go to college without getting a debt.
  2. Besides this, another option for going to college without getting a loan is to search for financial aid. Many schools like Princeton University and Harvard University offer financial aid, considering your current financial income and other respective fields. There are certain programs that offer grants to students on different criteria. Keep a close eye for such grants because these are debt free, which means that you or your child does not need to return this money.
  3. The last resort in this case is to go for a student loan. Yes, go for a student loan and being a parent, you would want to help your child with the burden of repayment and would consider co-signing the loan contract. However, it is suggested that you don’t co-sign it. The main reason for this is to stop spoon feeding your child and let them get out of their shell. You need to let them face the world all on their own, and paying for their education through this student loan repayment is what they need to do. They can do a part time job, and adjust their studying hours accordingly. This will not only benefit them build their character, but will also reduce your burden of paying the debt all on your own.