For Single Moms: Juggling College Costs and Retirement Savings

A quick tip from Lynnette Khalfani-Cox, The Money Coach®

The cost of college has risen exponentially over the past few decades. If you’re a single mom, it may seem impossible to save for both college and retirement. When it comes to which matters most, put yourself first. Why? Because there are plenty of options to help get your kids to college, but there aren’t loans or scholarships to help you retire securely. 

One way to help your kids get a jumpstart on college savings is to seek out college scholarships and grants early — probably far earlier than you might think. For instance, did you know there are scholarships for students of every age?

A few examples:

The Doodle for Google Contest is a drawing contest that awards $5,000 to $30,000 scholarships to students of various ages, from kindergarten through grade 12.

The Broadcom Masters is a science and engineering competition for middle-school students with scholarships ranging from $10,000 to $25,000.

And Courageous Persuaders sponsors a video competition where high school students create videos about the dangers of underage drinking or texting while driving. The grand prize is a $3,000 scholarship.

As you can see, it’s never too early to begin seeking out scholarships. Even if your student is already in college, they can still apply for free money to help with tuition and other costs.

 

 

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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or BALANCE counselor who can help tailor a solution for you.

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