How to Fund Your Child’s Education
Jesse Liu - August 16th, 2022
One of the most common questions is how to fund my child’s education. In this blog, we go over three options to help support your child’s post-secondary education.
Many scholarships are available to fund education. Scholarships can be found through many organizations, businesses, and even private individuals. Parents should look into the various options available to find scholarships and then research each option to see if their child qualifies. Many scholarships are need-based, so parents should keep this in mind when searching for opportunities. Additionally, some scholarships may be restricted to certain majors or levels of study, so it is important to read the requirements carefully. Once a parent has found a few potential scholarships, they should help their child fill out any required applications and write any necessary essays. By taking advantage of scholarships, parents can significantly reduce the cost of their child’s education.
Bursaries are another option available to parents who are looking to fund their child’s education. Bursaries are typically need-based, meaning that they are awarded based on a family’s financial situation. To apply for a bursary, parents should fill out an application and provide any required documentation to the university their child is attending. Once the application is complete, it will be reviewed by a committee, which will then decide if the family qualifies for the bursary. If approved, the bursary will be applied towards the cost of tuition.
Student loans are another option available to parents looking to fund their child’s education. Student loans can be either government-sponsored or private. Government-sponsored loans typically have lower interest rates and more flexible repayment terms than private loans. To apply for a student loan, parents should fill out an application and provide any required documentation to the university their child is attending. The loan will then be processed, and the funds will be dispersed to the student. Once the student has graduated, they will begin making repayments on the loan. By taking advantage of student loans, parents can help their child finance their education without having to cover the entire cost upfront.
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