
After the recession, people are already wondering how they can take their children to college without debt. Remember education debt cannot be discharged in bankruptcy, the debt that will follow your children for a very long time. Most people lost everything during the recession especially in the stock market.
You can still get your daughter or son a quality college education without going into debt, or scholarships. It is actually very easy but most people try to make it complicated.
You can pay for college tuition by taking a payment plan with the school then adjust your lifestyle- Some payment plans are $1000 a month or $250 a week-depends on the school. The best way is for your children to start from a community college then switch to a major university their final 2 years.
Don’t go for expensive schools those are great for people with tons of money or scholarships your main goal here is to make sure your child does get a college degree minus debt. You can also postponed family vacations, buying new cars or homes until you are sure your child will graduate debt free.
You can also start a home business and work it part time. It has to be a business the entire family can chip in but do not send your child to work fast food restaurants while going to school. Those jobs are hard and your son or daughters grades will suffer.
My first daughter just graduated with zero debt from a very good college because I took a payment plan starting in summer so by the time fall semester came by I had already paid half the tuition. My daughter chipped in too by running an online business and eBay. By the end of every semester, we had every penny paid without going into debt.
You too can adjust your lifestyle so your child can enjoy a future free of debt. Most people say education debt is good debt I say only if you are guaranteed a good paying job at end. Instead of giving your child a car for high school graduation, pay their tuition. My other two children are on track to graduating with zero debt plus they will have business experience when they get out of school.
Talk to your children-let them understand the importance of a debt free education and what you have to do to achieve it. Create a plan almost similar to a business plan then stick to it. If your children are willing to forgo a little bit of pleasure for a good future the better.
A family friend’s story prompted me to write this blog post because she did graduate with $90,000 in debt and no job. The worst part the loan is accruing interest and late charges because she had agreed to start paying after graduation. Now she is struggling to move the debt to a different account with better terms, which is not easy. The reality is she is going to spend years paying the debt off. Very sad story but that is how most people end up. You need a solid plan and your child will graduate with an outstanding education and debt free.