Last updated on May 6, 2019
Nowadays, funding education for children is one of the biggest challenges of being a parent. With the continuous rise of tuition fee annually, it is undeniably true that sending children to school is now a big dilemma for most of parents who do not come from affluent background. But with the help of different programs, financial institutions and services that allow parents to save funds for the future education of their children, this dilemma is now being given consideration and solution. Parents can now have peace of mind in thinking about their children’s college education. However, giving educational funds for your kids is not an easy task especially for a family who is on a strict budget. Thus, it is important to consider some factors in giving educational funds. Here are the things to consider for giving educational funds for students.
Household Income
Checking on your family’s over all household income is the very first factor you need to consider in giving educational funds for your kids. Firstly, you need to determine and assess whether or not your family’s budget can have extra space for educational funds. It is not advisable to go through a specific plan or funding program if you’re budget will not be able to compensate for it, otherwise, other basic and necessary needs of your family will be compromised.
School / University
Colleges and universities offer a wide range of tuition fees, from public to private schools. You need to look for the best university that fits your needs. It is necessary to first check the tuition fees. Some financial institutions provide an estimate of the tuition fees of different universities after 10-30 years. From that data, you will be able to know the amount of funds you need to save for years. In addition, it is advisable to check the quality of education of a school. The tuition fees should never compromise the quality of education for your children.
Other form of Investments
Nowadays, there are debates and arguments that investing in stocks is way better than funds saving in terms of preparing your kid’s educational funds. Some studies show that a certain amount of money can grow bigger after long years when invested in stocks and other financial securities rather than outing it to an educational funds. While there is no certain and accurate measurement and evidence about this, it is advisable to consult with a financial professional for you to have a sound and timely decision on where to put your money. You can check https://www.glassdoor.ca/Reviews/Heritage-Education-Funds-Reviews-E216788.htm for more information about your educational funds.
Scholarship programs
If you are an employee of a corporation, it is also recommended to ask for any scholarship programs in your firm. Some companies have different programs such as scholarship and educational support as part of their corporate social responsibility. This will be a great help for parents who have are having a dilemma on how to save for educational funds of their children.
