Sending kids to universities these days is task many families
dread about because of the high rising tuition costs. In fact so many private
universities charge fees according to how they perceive the particular course
of study to be lucrative in the labour market. Professional courses are the most
expensive. Despite the above, your ward or child attending one of the high
ranked universities in the world, continent and country is another great issue
to be decided by costs and available funds to you the sponsor. In order to
overcome the above, below are strategies that have worked for many and will
also work for you;
1.
Take
out kids education insurance. This is a great means of payment of tuition when your
child would have reached the age of going to university. Almost all insurance
companies have this type of insurance.
But you must be religious with the premium payment. When your kids start
university, the fund together with interest would have reached the targeted
total tuition payable for all years of your child’s school period plus extra
cash for other contingencies.
2.
Start
a kids school savings account. This type of account is almost being offered by
all the banks. It attracts a slightly higher interest than the normal savings
account and prohibits withdrawal until the kid is up to school.
3.
Buy
or lease a property near the university. If you buy a property; your child’s
accommodation is secured and also great income from the rents of the remaining
rooms and flats. If you rent a whole apartment or flat, demarcate it into
several rooms. Give one to your child and rent others out. The income will pay
the annual lease rent and your child’s tuition each year.
4.
Take
up a sinking fund. This means a huge fund that you invest with a bank as a term
deposit. The interest from the fund will be enough for reinvestment and tuition
fee of your child.
5.
Allow
your child to school in the Scandinavian countries like Denmark, Sweden,
Finland and Norway. Also Germany is
still a tuition free country till date.
6.
Do
correspondence or online courses. The cost of tuition is mostly accommodation,
materials and lecturer student’s ratios. Online courses are also recognized and
are cheaper than onsite schools.
7.
Those kids whose courses are professionally
regulated; Accountancy, Business Management, Chain Supply Etc. They can actually start immediately leaving
high school with their professional program and later transfer their credit to
a university affiliated with the body for a degree. This is a shorter rout
instead of finishing a degree from the university and go back for professional
certificate. This system has three advantages which are; it saves costs, the child
gains experience by working and schooling, and the child makes money while
schooling. For example ACCA and Oxford Brooks University, CIMA and Metropolitan
University. Find out more it exist in almost all courses.
8.
Apply
for scholarships. Some jobs actually have kids tuition scholarship attached as part
of benefits or allowances. Find out in you place of work if policy that exist.
You can also apply to numerous states, federal and foreign governments
scholarships.
9.
Student
loan. Some universities in Africa, America and Europe run students loan
program. This can greatly assist a poor sponsor because it has less or no
interest at all attached to it.
10. Work and study program. This is a
program by the university by which provides works with less hours for indigent
students. While the student is schooling, the student works for the university
and university pays the student. When applying for study, check out the
university work and study programs.
11. Grants. There are so many grants for
a student to choose from; both local and international student grants. But in
both scholarships and grants, your child or ward must be a winning horse not a
donkey, and eagle and not a todd. He or she must be on top of his or her class.
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