03 Sep
2010

Even if your child is very young, you may already be thinking about college tuition and student loans. You have good reason to be. Currently, most students graduate with tens of thousands of dollars in student loans – loans that can take years to pay off. While a college education is becoming more important for good jobs, tuition costs are increasing. If you have a child, considering school costs now can save lots of money down the line.

One great way to start funding your child’s education is to check your library for all-ages contests and scholarship competitions. There are competitions for children as young as four years old. If your child can color a picture, compose a few words or take a photo, he or she can compete. Some of these contests pay thousands of dollars and allow your child to start funding their education. Most children also find these contests lots of fun. Some are billed as scholarship opportunities, while others are simply advertised as contests.

You will also want to check online for contests, scholarships, and competitions. However, keep in mind that you will have to carefully research any opportunity you find online. Some are scams. Be wary of any contest that seems too good to be true or any “scholarship” that requires an entry fee.

Once you have your child entering scholarship competitions, set up an educational savings account. This will allow any money you put into the account to grow and remain safe until your child is ready for college. You can also place your education money in CDs.