Knowing how to pay for your teen’s college education is a top concern for many parents. But if you’re divorced, the prospect can be even more daunting.
Divorce can change your financial situation and create new challenges, but you can still find ways to pay for your child’s education.
I’m here to help you to afford college on your own with some helpful insights and tips.
Plus I founded a therapist recommended online course called The Anxiety Cure.
I love helping people to live their happiest lives and manage stressful situations – like affording college.
So that’s why I put together this article all about how you can afford college after a divorce.
Here are some tips on how to pay for your teen’s college education after going through a divorce.
It’s important and one of the main things parents of college bound students need to do, and that is to create a budget you can actually afford, so that you know how much money you have to work with each month. If your teen is headed off to college in the next few years, start setting aside money for his or her education now. This can be done by adding a specific amount onto your monthly bills, such as $20 per month or by putting away some cash every time you get paid. It’s also a good idea to set aside money for emergencies as well. You never know when something might come up that requires cash quickly (like car repairs), so it’s best to keep an emergency fund on hand at all times just in case.
As a single parent, you already have a lot on your plate. What’s worse if your income decreased due to divorce, you might not know how to go about paying child’s degree. In addition, instead of paying out of pocket or dipping into your retirement fund, you could be a co-signer on a loan. As a co-signer, you are guaranteeing that the loan will be repaid according to the terms set forth prior to receiving the funds. If you and your child aren’t sure how the process works, you can also review a guide about co-signers and whether you are able to be one or if they even need one.
If you’re planning to pay for your teenager’s college after a divorce, it can be helpful to get advice from someone who understands what you’re going through. A college advisor can help answer questions, like:
All of the above questions should serve as a foundation for your on-campus or online meetings.
One of the best ways to offset the cost of college is with scholarships. Scholarships are usually awarded based on academic performance, financial need, or some other criteria that relates to your teen’s future goals. If you know someone who was awarded a scholarship while in high school, ask them how they did it. Your local college or university will also have an office dedicated to helping students apply for scholarships at the school, and they may even offer workshops and seminars on winning these awards.
Most importantly, you and your teen need to really think about why they should apply. Scholarships are something that should only be awarded for those who are truly in need or because of excellent academic performance.
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