Whether it’s paying for tuition or helping out with monthly expenses, parents often assist their students financially. Students that are out on their own for the first time usually feel the stress of managing their own money, which in turn can stress their parents. As parents, you want to ensure that your student succeeds, both academically and financially. This success begins with paying for college. For parents, there are three basic elements that go into paying for college:
Money you get
– This is money that is given to your student that does not need to be repaid, such as scholarships and grants. You can help your students receive this type of aid by helping them find the opportunities. Check with our office, your employer, and organizations within your community to see if there are any scholarships or financial aid available for your student to apply for.
Money you have
– This is money that you have saved for your student to attend college. This could be money you contributed to a traditional savings account or a 529 savings account.
Money you borrow
– This is money that you borrow and must pay back. This is not the most ideal way to pay for college, but for many it’s a necessity. There are several options for parents, including Federal Parent PLUS Loans and private student loans for parent borrowers. To learn more about these options, visit financialaid.tamu.edu
Our Money Tips on Paying for College
provides more information regarding how to make college affordable. Even after tuition is paid, the financial worries aren’t quick to subside. Students must then learn to manage their own money, which might include paying for rent, groceries, and other monthly bills. As a parent, it’s important to encourage your student to take full advantage of the resources our Center offers so that they can make the most of their money and learn to become financially independent.
Our Center offers free Online Resources
, Scheduled Presentations
, and One-on-One Advising
on a wide variety of financial matters which can help your student become more financially capable.