Here are a few ways to fund your child's college education.
1. The usual method of parental funding of college education is out of current income, that is out of the parents week or monthly salary. Whilst this is the most common method of funding college education it is one that only the very rich or highly paid can afford to do this with ease. It will require sacrifices, even more so if you have more than one child. At best most parents can only afford to contribute part of the costs of college education out of current income. Additional sources of income will be required.
2. Your child can work his or her way through college. Many students have to work whilst studying but many find the experience of juggling a job, lectures and a social life very difficult. Often the result is that students drop out of college education, fail their exams or don't do as well as they should. This is not always possible for International Students.
3. Your child may have the opportunity to take out student loans to fund their college education. Today the vast majority of students are forced to take out student loans to fund all or part of their college education. Usually to subsidize parental contributions, student loans are the most common way of students funding their own college education. Many students however, leave college with substantial debt and even with interest rates at historically low levels today's students can expect to have to pay substantial monthly repayments for many years....