Paying for post-secondary education can mean sleepless nights for parents, especially when multiple children are attending college or university at the same time.
A report by TD Economics showed that in 2009, the cost of a four-year undergraduate degree was more than $80,000 for students living away from home. Even for parents who have diligently saved for their children's education, it can be very tough to save enough for more than one child. Lawrence Engel, vice-president, personal lending, TD Canada Trust has these tips for parents:
Investigate financing options - The advisors at your bank can review your savings and discuss some of the options available, such as a student line of credit. Student lines of credit work like a personal line of credit, but often with lower interest rates, interest-only payments for your children while they are students, and flexible repayment terms. In addition, banks such as TD Canada Trust offer higher lines of credit for students entered in professional and graduate programs, which have lower interest rates but offer the same benefits such as payment grace periods and low monthly payments.
Other sources of funding - Your children may be offered funding with their offer of admission. Each university has its own policy, but generally any funding your children are offered will be a mix of internal sources such as teaching and research assistantships, as well as external sources like government grants.
Live within your means - Remind your children of the old saying, if you live like a lawyer when you're a law student, you'll have to live like a law student when you're a lawyer. While they may not be studying to be lawyers, it's important that they be realistic about their living expenses.
Finding free college scholarships and grants for high school students is not a simple task, however, thanks to some government programs available and with the help of the college or university that you expect to attend, there are some free college scholarships and grants available if you know where and how to research these programs.
That being said, there are other alternatives to finance college tuition in scholarships, grants and awards that should be reviewed to see what you may qualify for. One source that I found helpful is located here.