5 Ways to Fund Your Child’s College Education
The Fahad Al Tamimi Charity Foundation provides educational grants, student scholarships, and financial assistance for housing and books. We believe education is the key to helping the younger generation become self-sustainable.
The average yearly educational degree program is around $25,000 dollars annually.
The expense of a college education is an expensive endeavor for the Fahad Al Tamimi Charity Foundation in its quest to allow young adults to pursue their future. When you consider tuition fees, examination costs, living expenditures, accommodation, books and computer systems, the typical expense of a college education is well over $45,000 per year and that’s before considering the social side of college life.
The job market is most likely the most vital and competitive component of our society and having a college education and degree goes a long way to prospering in it. When children are ready to go into the world of work it will be even more difficult, and a college education will be essential to succeed.
Fahad Al Tamimi believes that parents should prepare for their children’s education ahead of time. We have created for parents some financial planning recommendations to enable their children to get a higher education.
Here are 5 methods to prepare your child’s college education.
1. The usual method of parental financing of college education is out of present income, based on weekly or monthly wages.
Whilst this is the most typical technique of financing college education, it is one that just the wealthy can afford to pay with ease. Even if there are 2 salaries, most households discover it tough and will require sacrifices, even more so if you have more than 1 child. At best, most parents can only afford to contribute part of the costs of college education from present income. Additional sources of income will be required.
2. Your child can work his/her method through college.
Lots of students need to work whilst studying, but many find the experience of handling a task, lectures and a social life very hard. Typically, the result is that students leave the college education, fail their tests or don’t do as well as they potentially could.
3. Your child may have the opportunity to get student loans to money their college education.
Today a large majority of students are forced to get loans to fund their college education. Many students leave college with considerable amount of debt. Even if rates of interest are historically low, it often takes several years to repay the educational loans.
4. Your kid may get a scholarship or be entitled to grants from either federal or local funds to the expense of their college education. The Fahad Al Tamimi Charity Foundation offers financial assistance to students with good grades.
There are lots of sources of student scholarships or grants provided by the Fahad Al Tamimi Charity Foundation, and with a little research on our website, most students today can find grant financing.
5. Create a strategic savings plan for your child’s education.
The Fahad Al Tamimi Charity Foundation suggests parents create comprehensive plans to ensure their children’s education. An education savings fund strategy is a regular conserving plan into which you and your children can contribute. The plans are administered by colleges or state authorities and can be taken out for any child.
Because of the effects of long-term compound interest, the earlier you take out your plan the easier it will be, and the lower your expenses will be. Because the funds are built up prior to the academic studies in university, the student won’t later have to rely on grants, scholarships or loans which allows them to concentrate on their studies.
There are a number of alternatives to fund your child’s college education, however the Fahad Al Tamimi Charity Foundation recommends strategizing early to ensure the child’s academic career is pursued.