Last Resort Ways To Save For College

by Pam on July 21, 2017

There are all sorts of different ways that families can save money for their kid’s college education, but as prices continue to rise, they’re not always enough. A four-year college could cost up to $334,000 so for a lot of families, putting money into a traditional college savings account won’t be enough. The amount that you need to be putting in every month is massive and you might not be able to afford that. Luckily, there are some more inventive ways that you can get all of that cash together. If you’ve tried investing your money in IRA savings accounts and you’re still coming up short, try these last resort ways to save for college.

Ask Your Friends

I’m not suggesting you call up your friends and ask them to give you hundreds of thousands of dollars, but if you ask enough of them for a small contribution, you could take a significant chunk off your costs. Crowdfunding has become a very popular revenue generating stream for small businesses and you can use the same concept to raise money for college. Take to social media and ask friends and family for whatever donations they can afford. Most people might be able to give you about $5 but there might be some well-off family members that can help you out a bit more. You aren’t going to be able to gather all of the money that you need, but it’ll take you some of the way.

Refinancing The House

If you go into the bank and ask for a $300,000 loan, they’ll laugh you out of the place. But if you have some collateral to put up, you should be able to get the money. If you’re a veteran, you might be eligible for a va refinance loan so it’s worth looking into. If not, you should be able to take out another mortgage on your house. Depending on how large the property is, you might be able to raise the lion’s share of the cash by doing this. It allows you to get the money straight away but be prepared to be making repayments for a long time to come. Some people might be put off by this but it is surely worth it for your children’s education.

Peer To Peer Lending

Banks used to be the only option for loans, but that’s not the case anymore. While the banks might say no, somebody else may be willing to lend you the money that you need. Peer to peer lending sites match people in need of loans with potential investors. Both parties are vetted beforehand so you aren’t just getting the promise of money from a complete stranger, and they know that you are able to make the payments.  For information on some of the best peer to peer lending sites available, check out this guide.

Sell Yourself… Literally

It doesn’t mean what you think it means. There are all sorts of ways that you can sell bits of yourself for good money, and not in the, selling a kidney on the black market, kind of way. Selling blood and plasma is becoming a very popular way for students to raise the money that they need to pay for college. For women, donating eggs is an extremely good way to get quick cash. Some universities will pay up to $8000 per donation, with a limit of six donations per person.

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