Every parent wants the best for their children. Whether itis the food or education, they want their children to have the best and succeed. Since the time a child is born, parents get in a constant hustle of providing the best of everything to the child. From the food to clothes to shelter and then the education everything is the best according to the financial status of the parents.
Providing financial assistance to children up to the high school level is fine and legally permissible as well. However, after the age of 18, it is important that the child funds his education on his own. If you are willing to pay for the child’s college, make sure you are first weighing all the options and then stepping in it since it is a bad idea to borrow money to pay for your child’s college. Following are some of the questions you must ask yourself if you are going for paying for the child’s college.
Is it Affordable for you?
The first and most aspect to look over is the affordability according to your financial situation and yearly income. College is expensive and you cannot jump into the race without any preparation. Calculate your yearly income and total expense and check if there is enough room for the huge chunk of payment for the college dues. Remember there is not just the tuition fee. It could be hostel charges and other miscellaneous charges for the coursework and material required. So make sure you are adding up everything.
Is your Retirement Option Still Intact?
You must make sure you are not risking your retirement for paying for the college of your child. Remember retirement is the only option left once you are done with your working age and old. Your child’s earning span is long while you might be at the end of the journey and retirement would be your last fruitful stop. If you are thinking you will be depending on the said child, do not forget job hunt and earning could be difficult and too time consuming.
Look for Hybrid Options
Always remember there is always a middle option apart from the two extremes of yes or no. in the case of paying for your child’s college, there definitely are other options than a simple paying without borrowing or with the help of borrowing. Some other options could be to offer help to your child in other than monetary forms. For instance, you can provide them the option of staying at home for college which would cut down their expenses for accommodation and food. Similarly, you can offer to help for the other expenses like food and accommodation if the college is not nearby while the child pays for the tuition whether by getting scholarships or doing jobs such as providing online assignment writing services.
These are all the situations to think of before agreeing high school for the child’s college. Loving your child is not prohibited anywhere however it is important make sure that your love for them is not only to shelter from being a responsible and mature adult but also that it is not coming in the way of your mental peace and financial independence in old age. If you find the college too expensive, try to convince your child to go for a different option. If that is not possible, help your child to get student loan from the government or university; otherwise are cosign a private loan.
Nevertheless, the child must be encouraged at all times to earn and fund his education on his own as that will make him a responsible and mature adult in the longer run. There are plenty of companies both physical and online like assignment writing help UK which provide plenty of part-time earning options for students. Other than that, doing odd jobs is not a bad idea either; as long as the child is earning and taking responsibility of his education. Do not borrow money from any person or organization which you would not be able to pay back easily later on. Prioritize your mental peace over everything else as your child would not like to see you in distress either.