Since my oldest daughter entered high school in September, I’m going all out to help her hunt for scholarships and aid her in scoring some free money to pay for college.
I figured we’d be getting an “early” start, by looking for scholarships while she’s just now in 9th grade. Boy, was I wrong!
Little did I know that we’re actually a bit late when it comes to nabbing scholarships, grants and free money to help pay for college.
Here’s some of what I’ve learned lately — and how it can help your family or someone you know with children.
For starters, did you know that there are educational scholarships for kids as young as five or six years old? This blew me away, but it also made me even more determined in the hunt for scholarships. After all, in addition to my first-born daughter, who turned 14 in September, my youngest daughter is about to turn six. I also have an 11-year-old son.
Sure, my husband and I are saving for our kids’ college education with 529 plans. But I’m also realistic enough to know our savings may not be enough considering that the price tag of college has been skyrocketing the past decade — and it’s only heading higher.
In fact, according to the College Board, in the 2011-2012 school year, 123 colleges in the U.S. charged more than $50,000 a year for tuition, room and board alone.
That means all of us parents — with newborns on up to adult children in graduate school — would be wise to learn about all the resources available to pay for higher education expenses.