Graduation time and now is it time for College
Do you have a son or daughter graduating High School this year and planning on going to college in a few months? I am proud to say my son is graduating this Friday at the Target Center. Is your Child planning on going to college? If so has it been decided who is paying for it?
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Options for Paying for College
I know a lot of people have different views on this topic. More people I talk to now a days with the current economy is having their kids get student loans for the amount that is not covered by any Scholarships they may have won. If I was graduating High School I would be applying for Scholarship, you never know. Here are some possible ways to raise money for your kids College costs:
- Borrow money from Relatives
- Borrow money from your Retirement Accounts
- Get a loan out in your name
- See some of your assets off
- Use your savings
- Get another job
As you can see those are not easy choices to make if you decide on paying for their college. Some people say if you let your kids pay for their own college cost that they will try harder since they have so much of their own money invested If you do have your kids pay for their own college you can always be there for them to take them out to eat off and on. To send them gifts of food and money to help them through. To be their for them if they want to come home for the summer.
If they will go to a college close by your home they could stay home and save money also. I know some people believe that they should leave the home to mature so when they are done with college they will be ready to go out on their own in the field of their choice.
Who has a crystal ball? No one does. Is there a right or wrong answer? No.. It is like any choice, we need to be able to live with what ever choice we make. If you use your retirement account for instance you may need to work an extra five or ten years to make up the lost money.
Let me know your thoughts and ideas on this subject. My kids are getting student loans, but I am always here for them for what ever they need. I love them a ton and want them to succeed and be happy. I will always have a home for them to stay in and food to feed them at any age they are at. I will always be a safety net for them. Also please join my facebook and Linkedin using my e-mail of mills.management@hotmail.com. Have a great day.
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