You’ve probably read—or maybe you’ve experienced personally—about how student loan debt can weigh on your shoulders as a budding college student embarking on a career path and the next chapter of your life.
Understandably, the impending semester fee totals can cause young adults to delay other life decisions. According to the article, “65% of borrowers still believe a college education is worth the investment, despite the debt. A majority of borrowers, though, said they were either unsure they would have made the same college choice or definitively would not have made the same choice to attend their alma mater, if they knew then what they know now about loan repayment.”
The question becomes how to help your child make the right choices—choices he or she won’t regret later on once the student loan payments become due.
Advise your child to include a good mix of colleges in their applications.
You never know exactly what your child’s financial aid award package will include.
Sometimes you end up getting a better or comparable package from private or out-of-state schools, but your child should still include a few in-state schools and regional campuses as well—more often than not, in-state schools are more affordable for state residents than other options.
To learn more about an affordable local unviersity with an excellent academic program in Fort Wayne, check out the IPFW Viewbook.
Help your child search for scholarships.
In addition to the scholarships your son or daughter may receive from the colleges they’re applying to, there are a number of scholarships available from outside organizations. You just need to know where to look.
Scholarships are often dependent on certain characteristics like where your child is from, what he or she intends to study, and his or her grades and academic achievements.
To get you started, here are a few of our articles about scholarships that might be available to your child:
- Getting all A’s? The 5 Best Scholarships for High Achievers in Indiana
- The 4 Best Scholarships for Art Students in Indiana
- 5 College Scholarships for Mechanical Engineering Students in Indiana
- 10 Local Scholarships for Fort Wayne Students
- 3 Scholarships Every Indiana High School Senior Should Apply For
You can also search for scholarships here: USA Today’s 10 Best Sites to Search for Scholarships.
Encourage your child to work while attending college.
If it fits with your child’s personality and work ethic, it’s completely possible to work part-time or even full-time while getting a college education. Here are nine tips for how to pull off attending college while working.
Looking for more ideas on how to help your child save money on college and reduce student loan debt? Download one of our quick guides:
- Financial Aid Quick Guide: Scholarships
- Financial Aid Quick Guide: Grants
- Financial Aid Quick Guide: Loans
And for even more advice, subscribe to the Advice from IPFW Admissions blog to stay up-to-date on the latest money-saving, debt-reducing ideas.