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If your financial situation is poor and you can’t save to pay for your child’s college tuition, but you don’t want to apply for a student loan, you can also go to college. The programs to help children complete college education with low investment are as follows.
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1. Living at home: For most college students in the state, the cost of board and lodging away from their parents exceeds the tuition. If you let your child live at home, as long as her performance is acceptable, you can make a great contribution to her education without increasing the cost.
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2. Tax credit plan: The “American Opportunity Tax Credit” provides tax credits for couples who apply for joint tax refund with an annual income of less than 160000 dollars. The tax credit provides a total of $2500 tax rebate for each college student for four years. The Lifelong Learning Credit provides an unlimited $2000 rebate. These quotas can greatly offset the full tuition of full-time courses in local community universities. Even if it is not possible to deduct all expenses, it can also make up a large amount of capital difference.
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3. Scholarships: Many scholarships are based on the needs of students, which means that children can apply without academic excellence. In addition, if your child meets some seemingly unrelated criteria (family inheritance, parents’ occupation, place of high school, etc.), your child may be sufficient to apply for qualification. Plan to apply for 12 to 15 scholarships to help supplement the funds; I hope to apply for two or three small scholarships.
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4. Six year plan: If the above steps do not allow your child to complete a four-year college education, consider a six-year plan. Spend half of your time studying. For three semesters a year (including summer vacation), your child can complete two-thirds of the school year’s courses every year, and complete all the studies in six years. Part time work and part time study can greatly reduce the cost and let the children bear the college expenses that cannot be solved by the above plans.
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5. Employer assistance: Some employers provide 100% college tuition assistance for full-time employees. Countless people have completed their undergraduate studies with full-time jobs, such as me. The tuition reimbursement plan requires students to bear the expenses of the first semester. If the credits exceed the standard, the tuition will be reimbursed. The student loan can be used to fund the expenses of the first semester and then reimbursed with the final reimbursement.
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As you can see, even if you do not save college education funds for children, these methods also provide the possibility and operability for them to complete college studies. This requires more time, patience, and more hard work, but many people are doing it. The value of university education is far-reaching, and it is not worth giving up easily just because of the trouble of tuition fees.