Some parents save money to provide their children with higher education.
Higher education is a great advantage in contemporary society. Due to higher education, a person can get a start in life. Financial stability and career advancement depend on the educational background of a person a lot. Thus, the duty of every parent is to provide his/her child with necessary conditions for living, education among them. All parents mean well by their children, and every parent wants to make everything possible to provide his/her offspring with education opportunities. Very often parents have to save money to give their child an opportunity to study at a college of his/her dream or at least at a decent college. Still, there are parents who adopt a wrong position concerning saving for college. This article is aimed at them primarily though everyone may find it useful.
Parents’ erroneous ideas about saving money for college
- Some parents think that if they do not save money, they will get a greater sum of financial aid. The truth is that family’s assets are included in the formula that counts the amount of aid but not all assets are included. This means that money saved will still be saved.
- There are parents who are unwilling to save and who want to shift the responsibility onto their children. They prefer to take education loans. However, they should remember that they will have to take responsibility for the loan, not their child and the loan that will cover the whole cost of studying should be really huge. As for the financial aid, there is no sense relying on it solely, financial aid will cover not more than 10% of college costs.
- Many parents also believe that their children are brilliant enough to earn scholarship. It is not that the author of this article is trying to underestimate applicants’ abilities, it is just necessary to mention that approximately one out of fifteen applicants gets scholarship. Those unfortunate fourteen will be left to their own devices unless their parents save for college studies.
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