College is a huge deal as it’s a whole new beginning for your child, but also for you as their parent, too. This is likely the first time they’ll be living away from home and fostering a true sense of independence, and when you combine that with the prospect of meeting entirely new people and learning exciting new subjects, it’s truly a seminal moment for your family.
One of the biggest aspects of helping your child that you’ll need to consider before all of that, though, is the financial part. College is expensive, so it can be stressful wondering how you’re going to afford it all.
Not to worry, though – this article has you covered! Today, you’ll learn about a number of schemes and programs designed to help lessen the burden.
Savings Plans
Bridging the gap between full financial assistance and self-funding are the myriad of savings plans available, and these differ based on where you live. For example, there’s the Registered Education Savings Plan (RESP) which is an account that offers tax-advantaged savings in addition to contributions made by the government (if you go this route, be sure to check out the RESP rules for withdrawal first).
There are also 529 Plans, which, similarly to RESPs, offer taxation benefits when the savings deposited are going towards education.
Government Funding
You could also explore the option of more general government funding. No matter where you live in the Western world, there is usually always provincial and state funding on offer that can provide additional financial support for students struggling to afford their studies. These usually come in the form of traditional student loans but at a more flexible repayment rate compared to most private loans.
Work-study programs are also available, whereby a student can commit to part-time work for help covering study costs (of course, these are usually at a better rate than if the student were to simply find a part-time job on their own).
Scholarships and Bursaries
Finally, there are scholarships and bursaries to consider. There are several organisations, and even the universities themselves, that offer funding for high-performing or disadvantaged students (students are usually accepted for bursaries and scholarship programs on either a merit basis or a needs basis).
There are many different types and they’re free to apply for, so do some research to find out what’s available in your area. The beauty of these is that there’s no loan component – it’s essentially free funding.
Wrapping Up
Hopefully, you now have a better idea of what sort of financial help is available – whether that be at the government or local level. While each of these options is offered in most areas and accepted at most colleges, be sure to have you or your child check directly with the university they’re hoping to attend so you don’t go through the application process for a given scheme for nothing.
Monetary issues rarely stop a student from being able to attend college; where there’s a will, there’s a way, and there are plenty of options available to ensure your child receives the first-class education they deserve!
This article may contain affiliate links, which means we may earn a commission if you purchase through these links. This comes at no additional cost to you and helps support the operations of The We Spot—thank you for your support! The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of The We Spot, its owners, employees, sponsors, or affiliates. This content is for informational purposes only and does not constitute legal, financial, or therapeutic advice. Readers should consult a qualified professional before making any decisions based on the information provided.
