Loans for Students & The Top 6 Guilt-Free Alternatives to Student Loans
Your child has graduated high school and gotten into a great university, so you think the hard part is over. Not quite. In truth, it has just begun. Around this time, most parents are applying for countless student loans with ridiculously high-interest rates and wondering how much debt they will be in during their retirement.
However, you can be one of the few who breaks out of this cycle of debt. Though student loans are the mainstream means to support a student’s education financially, there are other tried and true ways to pay off increasingly expensive tuition without negatively impacting your own future.
Read more to learn how:
Choosing a School Your Family Can Afford
Multiple factors are involved when choosing your child’s school; however, you and your child ultimately must weigh in on which school is the most affordable for your family. It is true that some of the more well-known schools may pay themselves off when your child is applying for jobs, and they have a name like NYU or UPenn on their resume. Nonetheless, it is certain that a school that offers more in scholarships, rather than in recognition, will leave you and your child in great financial standing.
Scholarships, Scholarships, Scholarships…
Chances are that if your child got even decent grades they are receiving some scholarship aid. However, the opportunities to receive more “free money” are endless if you and your child put in the time and effort to apply for more scholarships.
Below are some of the sources of scholarships that you can reach out to:
- Educational institutions
- Nonprofit foundations
- Nonprofit organizations
And be aware that scholarships can be based on gender, religion, sexuality, merit, and more, so your child may be eligible for countless scholarships without you even knowing it. However, it’s best to apply for niche scholarships, since the pool will be smaller and your child will have an increased chance of receiving the reward.
Having your child work through school can sometimes be a hard choice. Nevertheless, for most, it’s an effective decision.
A little-known loophole to paying tuition turns out to be having your child work for a company that is willing to support them financially and is willing to fulfill the terms of their loans. Some employers are willing to go as far as paying for their degree if they only remain at the company for a certain amount of years.
Here’s a list of 7 companies willing to pay off your student loans:
Work-study programs allow your student to work while attending school. At the same time, they provide your student with real-world experience, so once they graduate from school, they’ll be well-adjusted to the working world.
Your child will find out if their eligible for work-study programs in their FAFSA letter. Once your child starts working, be sure that they know that their paycheck should be going towards their education, not beer and booze.
If you find that your child is not eligible for work-study, rest assured that there are countless other jobs suitable for them to work while they’re in school. Working part-time is an excellent way for your student to understand what it means to be self-reliant and recognize that they have what it takes to juggle competing tasks, such as school and their workload.
An income-share agreement or ISA is a contract between your child and their employer that allows them to receive the funds they need in return for their future income.
Repayment for this contract begins when your child graduates from school and reaches a certain income threshold, so rest assured that you and your child won’t have to think about this loan until they’re well-prepared to pay it off.
Note: These contracts have a cap on the amount you can pay and a set repayment schedule.
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