Any loving parent would want their child to complete their education by going to college but unfortunately, most parents end up underestimating the expenses that come with giving your child quality higher education – we,, either that or they overestimate their ability to pay. Even if you can easily afford to send your kid to college now, by the time they actually grow up and are ready for college, the expenses might have gone up a tenfold. Education isn’t getting any cheaper, you know.
The smartest thing to do would be to start saving early; you can do this by setting up a RESP account in which you can deposit money over the years till you finally send your kid to the best college in the country and then watch them build a life for themselves. You can read testimonies from parents and students that have benefited from RESP at Knowledge First Financial reviews. Here are some of the reasons why parents end up not saving in advance.
They Count on Scholarships
A lot of parents think that their child will do extremely well and get scholarships that will somehow make education free for them. While it’s true that scholarships certainly help you get through college and might even cover some living expenses, full scholarships are pretty rare and there’s still a lot of things you might still have to pay for.
They Think Their Child Won’t Get Student Aid
A lot of parents are under the impression that if they save for college, their child won’t get any financial aid that they might have been eligible for. You should know that this is not how it works and your child will get aid if they are eligible for it regardless of your savings.