4 Ways Parents Can Help their Kids through College Financially

Sending your kids through college isn’t cheap. Over 44 million Americans currently hold nearly $1.5 trillion in student debt, which means that roughly one in four adults in the United States are currently paying off student loans. That worked out at an average debt of $37,172 per student. Ouch.

As costs continue to rise, it is leading many parents to wonder how they can help their kids through college financially. There are several strategies for this depending on how involved you want to get, ranging from creating a college saving plan when they are still in diapers to using your own retirement funds to help ease the burden.

Here are four ways parents can help their kids through college financially.

Create a college saving plan

One of the easiest ways to help your kids pay for college is by setting up a saving plan early in their lives. You can do this through a 529 college saving plan, available in all 50 mainland states and the District of Columbia, or by simply putting away a certain amount of money per month into a separate account or trust fund. Even by putting as little away as $50 a month from when your kid turns two, you’ll have saved $9600 to help towards their college costs by the time they turn 18.

Apply for PLUS or private loans

Around 3.4 million Americans currently have Parent PLUS Loans which they use to help pay for college. These allow borrowers to loan an amount that is as high as the cost of tuition and are treated like basic federal loans, although they do have a higher interestrate of 7 percent. If you have a good credit rating, you can also apply for a private student loan from a private lender or bank which may have a lower interest rate.

Look at relevant grants and scholarships

Plenty of charities and foundations appreciate the financial burden of going to college and the way it can prove to be a barrier to those from less well-off families from entering further education. That’s why they offer bursaries and scholarships to ensure that gifted students from poorer backgrounds don’t miss out on college due to financial reasons. Look at the various scholarships and grants that could help your kids through college and encourage them to apply, such as the Shawn Carter Foundation which helps individuals facing socio-economic hardships further their education at post-secondary institutions.

Tap into your retirement plans

The average “gift” from a parent to their student when it comes to financing college studies is $10,147. A fair chunk of this comes from peoples tapping into their retirement plans in order to help their kids. For people under the age of 59, early withdrawal penalties don’t occur if you are using the money to help pay for college education although it is important to consider that you might then owe tax depending on whether it’s a traditional or Roth IRA and how much money you withdraw.

The Advantages of Certified Early Childhood Education

I have mentioned in my other blog that  we baby-sit  a family friend's daughter whenever both of them are working and nobody can take care of the baby.  I like it because my two burritos love  babies.  In fact they are asking for one, wahhhh.  They both love  precious  Sophie and takes turn in holding her.

Now, I am an experienced  "stay-at-home-mom" but I can't say that I know everything about babies.  Day care centers are still the  best place for your babies/kids as they are being  managed by trained  professionals. Below is an informative article that   is beneficial to  parents out there who wants to have their  child taken care of by professorial.  

In today's world many parents find themselves longing for the day when they can stay home with their children everyday, and instill in them all of the values that will help them become good people. Unfortunately the reality is that most American households need two incomes to not only pay for day care but to survive. Therefore children are sent to day care facilities or preschools.

The benefits of attending a certified day care, operated by trained, certified early childhood educators are endless. A preschool teacher cannot replace a parent and that is not the goal of a certified day care program. However, the experience of learning in a school setting during the early years can be a valuable supplement to a child's experience at a time when the brain is being shaped and developed.

Of those fortunate parents raising their children naturally, many wish to take full advantage of this opportunity by attempting to give their children a head start on learning; reading to them, engaging in educational play activities, encouraging them to read, and more. Unfortunately, very few parents can do it all.

"Filling the Gaps"

There is arguably no substitute for a loving parent-child relationship and daily interactions – but scientific methodology has an important place. This is where trained, certified early childhood educators can "fill the gaps" when it comes to a young child's development. For example, were you as a parent aware that there are five equally important areas of a young child's development? These are summed up by the acronym, "SPICE" – Social, Physical, Intellectual, Creative and Emotional.

The way a child relates to others and functions in a group setting involves social development. If you are among the increasing number of parents choosing to limit their family size to one child, the importance of socialization in a structured environment becomes apparent.

Physical development refers to building motor skills, from the gross (basic movements such as walking and running) to the fine (such as holding a writing implement).

Intellectual development is achieved through structured play, and of course means development of language and math skills as well as the child's innate sense of curiosity and wonder; Intellectual development is central to success in school later on.

Creative development addresses artistic talents in visual arts, music, storytelling and even theatrics. Although it is popular in American culture to dismiss creativity and the arts as unnecessary, creativity is the foundation self-expression and problem solving. It is arguable that without creativity, there would be no innovation nor entrepreneurship. (It was Einstein himself who said "Creativity is more important than knowledge.")

Emotional development is also frequently overlooked, even by the most devoted parents. Yet, without a sense of self, including self confidence and the discipline to deal with one's own emotional responses, a child will have difficulty functioning in society later in life.

Long Term Effects

It is likely that most parents are aware of these developmental domains on an instinctive level. However, certified preschool educators are trained in the scientific theory and methodology that can make the difference between a child succeeding – and succeeding brilliantly.

Co-written by Emily Patterson and Kathleen Thomas

Emily and Kathleen are Communications Coordinators for the Atlanta Day Care facility, a member of the AdvancED® accredited family of Primrose Schools (located in 16 states throughout the U.S.) and part of the network of day care preschools delivering progressive, early childhood, Balanced Learning® curriculum.


This is not a sponsored post  but a guest one..


Sharing for Ruby Tuesday was yummy cake from Sophie's baptism!

Always  remember....

that a little bit of this

and a little dash of that

makes a sumptuous life...

so Spice Up Your Life.