The cost of college tuition and other expenses climbs every year, causing many parents to worry about affording an education. Whether you pay for your child's entire education or help out with only part of the expenses, parents have several ways to cover college costs. Several factors play a role in which option will work best for you, including your financial situation and the amount of money necessary. Having your child pay for at least part of his education may make him more responsible when it comes to his studies.
Step 1
Calculate the amount of money needed to cover your portion of the college expenses, especially if your child is near college age. If your child is still young, decide how much you want to set aside each month to go toward college expenses when the time comes.
Step 2
Estimate the amount of time you have until your child will start college. Divide the amount you want to save by the number of months you have until he starts college. Use this calculation to determine how much money to save each month.
Step 3
Open a 529 account to save money with tax breaks. Use the 529 account to pay for qualifying educational expenses, including tuition, room and board, mandatory fees and books.
Step 4
Help your child apply for scholarships that will help offset the college expenses. Encourage her to maintain high grades and participate in extracurricular activities to increase her chances of receiving a scholarship.
Step 5
Apply for a loan in your name to pay for your child's college costs. The Parents PLUS loan is a common option, but you may also be able to get a personal loan from your bank.
Step 6
Sign up for programs that give you money toward your child's education. Upromise is a popular option. Use the program for your purchases to earn a percentage back toward college expenses.
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