Are you planning on helping your homeschooled teen save for college, but you aren’t sure the best way to go about doing this? There are many variables when it comes to paying for college, making it a tricky process for parents and students alike.
There are multiple ways you can help your teen start saving and fund their education, no matter what they choose to study. These ideas can help you both get started and give them sizable savings when they are ready to pursue their studies.
Start a Special Savings Fund
You can start a special savings fund such as a 529 college savings plan for your student. Putting money into this account assures that it will only go toward college or university. If for some reason your teen decides not to pursue their studies, this can be rolled over to a sibling, or even to you, the parent.
As with other kinds of investing, the earlier you get started, the better. If you do not have this type of savings account, you should be able to open one up very easily. If you’d rather, you can also open up a traditional savings account for your child if they do not have one yet.
Determine Where Their Interests Lie
Find out what your student is hoping to pursue when they get into college. Would they like to become a doctor, lawyer, or something else that will require graduate school? Do they want to go into a technical program or something that requires two years of schooling or less?
Although they may not know for sure what they want to do, getting a general idea of what they would like to pursue later on can help. You might need to save more to help them reach their goal, and this is useful to know about earlier on.
Look for Scholarships
Scholarships are another useful way that you can help your student pay for college. There are scholarships that are just for students of that university, scholarships for certain fields, and even for students with specific lifestyles, such as those who are children of single parents.
Keep your eyes open for any and all scholarships, and help your student apply for them. You might get multiple scholarships that can help them fund their education, thereby reducing the overall amount that they will owe once they graduate. Keep looking even after they have entered college, and see what benefits you can find.
Utilize Unique Ways to Save Money
There are other ways that you can help your homeschooled teen save money for college, such as using a crypto fundraising platform or working with them to find a part-time job, or even establishing a business of their own, such as a pet-sitting company or offering babysitting services.
Working with them to set up alternative ways of earning money can ensure they will have enough to get through school, or it can help them get other things that might not be covered, such as computer equipment or housing. Either way, this can provide your teen with a lesson in preparing for the future.
There are several different ways that you can help your homeschooled teen save money for college. A 529 or another fund just for college savings can help, along with unique fundraising platforms and having a part-time job. Find out what your teen wants to study. This can help you determine how much you’ll need to save in order for them to get through school. Make sure you keep an eye out for different types of scholarships to help you determine what they can apply for.
These are just a few useful ways you can help your homeschooler save for college so they can get ready for the future.