Paying for college is very expensive. There is no doubt about this. Even parents who have been saving since their child was born may not have saved enough for tuition.
When I went to college, I applied for loans and scholarships. My parents paid for the balance of the tuition after the loans and scholarships. I was fortunate’s my parents had money saved up, leaving me with a manageable amount of student loan debt.
Other students may have not been so fortunate where their parents have not saved up, thus making their child take out large amounts of student loans to pay for tuition.
In either case, the students have to pay back the students loans upon graduation. Rather than relying on financial aid, finding financial relief is a better solution to pay for college tuition.
As I mentioned in the about me section, I was able to pay for my entire graduate degree from the rental income I received from my spare rooms. My financial relief came in the form of rental income by renting out my spare rooms.
I realize that everyone’s household situation may not be conducive to allow you to rent out a spare room. If you’re in a situation where you can rent out a spare room, it’s best to take advantage of the opportunity to assist paying for your child’s college education.
If your situation is not conducive to rent out a room, perhaps consider other alternative such as: renting out the room while the child is away at college or cleaning out the garage space and renting it out. Doing so may provide the financial relief to reduce or even eliminate the student loan debt.
The End Result: Little to No Student Loan Debt
Renting out a room is an aggressive move, but the outcome provides a huge amount of relief upon college graduation. Graduating college seniors who don’t have a single penny in debt are light years ahead of their peers who have student loans.
Having any amount of student debt puts pressure on the student to find a job and start repayments. Alternatively, if a student does not have any loans to pay back, there’s less pressure to find a job. In the latter case, the student has more options and may delay their entry into to the working world and may decide to travel or teach abroad.
I can say from first hand experience, as I was able to earn a graduate degree without accumulating more student loan debt, I have no pressure to find a higher paying job.
Even graduating with a manageable amount of debt is a better situation than having student loans from all four years of college. My student loan debt from my undergraduate degree is a modest $18k, which does not put a strain on my monthly budget.
So, if you’re a parent of a child who is about to go off to college, act now, as time is your side to use your unused space in your house as rental income. The sacrifices are worth the relief for the student. After all, don’t you want to get your child started in life on the right foot?