7 Things You Should Do When Your Parents Haven’t Saved for Your College

7 Things You Should Do When Your Parents Haven’t Saved for Your College

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The cost of college education is rapidly increasing, making it more challenging for families to afford higher education. According to a report by The Economic Times, the overall expenditure of schooling a child in a private school from age 3 to age 17 in India is a staggering Rs 30 lakh. The cost of raising a child in India is also increasing rapidly, which makes it more challenging for families to afford higher education.

In higher education, only 1 in every ten Indians has a graduate degree or above. Pursuing a college degree in general courses means an average expenditure of Rs 5,240 per student in rural areas, and more than three times the rural average expenditure, i.e., Rs 16,308 in urban areas.

For some students, their parents may not have saved enough for their college education, leaving them uncertain about how to finance their future. If you find yourself in this situation, don’t worry. There are several options available to help you achieve your college goals. In this article, we will discuss seven things you should do when your parents haven’t saved for your college education. These tips include researching scholarships, considering education loans, exploring part-time work opportunities, and creating a budget, among others. With the right planning and resources, you can still achieve your college dreams, even if your parents haven’t saved for your education.

7 Actionable Steps for College Planning When Your Parents Haven’t Saved

When parents haven’t saved for college, students can take proactive steps such as researching scholarships, considering education loans with favorable terms, exploring part-time work opportunities, opting for cost-effective study alternatives, utilizing crowdfunding platforms, negotiating with colleges for financial aid, and attending budget-friendly institutions to manage costs and minimize student debt.

1. Research scholarship options

When searching for scholarships, consider options offered by the government, educational institutions, and private organizations. The National Scholarship Portal is an excellent resource for Indian students looking for scholarships as it provides a comprehensive list of available scholarships, eligibility criteria, application deadlines, and the application process.

The Ministry of Minority Affairs also offers several scholarships for students belonging to minority communities, including Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis. These scholarships cover various courses, including undergraduate, postgraduate, and doctoral programs.

Furthermore, many state governments in India provide scholarships to students based on merit, need, and other criteria. To explore scholarship opportunities in your state, check the education department website.

2. Consider education loans

Banks and financial institutions offer education loans that can help fund your studies. It’s crucial to compare interest rates, repayment options, and other terms and conditions before choosing a loan. Different lenders offer education loans at varying interest rates, so look for the lowest interest rate possible to minimize your loan costs.

Some lenders may allow you to start repaying the loan after you finish your studies, while others may require immediate repayment. Consider a loan with a longer tenure to reduce the amount of your monthly payments. Additionally, some education loans may require collateral, such as property or investments. If you do not have collateral, look for loans that do not require it.

3. Explore part-time work opportunities 

You can look for part-time work opportunities on your college campus or in the local community. Many colleges and universities offer part-time jobs for students, such as working in the library, bookstore, or dining hall. Check your college’s job board or career center for available positions. You may also consider online freelancing, tutoring, or internships.

4. Look for alternative study options

Alternative study options, such as distance learning, online courses, skill based or vocational training programs, can be more cost-effective than traditional degree programs. Many universities in India offer distance learning programs that allow you to complete your degree from home. These programs are often more affordable than traditional degree programs and allow you to study at your own pace.

5. Crowdfunding

You can create a crowdfunding campaign on websites like Milaap, Ketto, or Impact Guru to raise money for your education. Share your story and explain why you need financial support. Be honest and transparent, and use visuals such as photos and videos to help convey your message.

What Next after 10th?PUC (Pre-university course)/11th

6. Negotiate with the college

If you have been accepted to a college but cannot afford the tuition, you can try negotiating with the financial aid office. Explain your situation and see if they can offer you more financial assistance. Before approaching the financial aid office, gather all the necessary information and documents that support your case. This could include information on your family’s financial situation, any extenuating circumstances that impact your ability to pay, and any additional financial aid offers you have received.

7. Attend a budget college

Consider attending a budget college or university to reduce the overall cost of your education. Look for public institutions or community colleges that offer affordable tuition and fees that suit your budget. This can help save money and reduce the amount of student debt after graduation. You can also consider transferring to a more expensive institution later on if you feel it is necessary for your career goals.

How much should you save for college?

Saving for college is a crucial financial goal for many families, but the amount you should save depends on various factors.

1. Understanding College Costs in India:

Estimate tuition fees, accommodation, textbooks, transportation, and other expenses based on the type of college your child aims to attend, considering factors like public versus private institutions and location.

2. Developing a Savings Strategy:

Calculate future expenses using online resources and tailor a savings plan that suits your family’s financial capabilities and aspirations for your child’s education.

3. Commence Early:

Initiate savings as soon as possible to leverage the power of compounding and ensure sufficient funds are available when needed.

4. Leveraging Tax Benefits:

Explore tax-saving options such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), or Education Loan Interest Subsidy Scheme to optimize savings and reduce financial burden.

5. Regular Evaluation and Adjustment:

Periodically review your savings plan, considering inflation and changing educational costs, and adjust contributions accordingly to stay on track toward your goals.

How much of your tuition will you be responsible for?

Students can take responsibility for college tuition fees by implementing several strategies:

1. Budgeting and Saving:

Develop a budget to allocate funds for tuition fees and other college expenses. Save money from part-time jobs, internships, or summer work to contribute towards tuition payments.

2. Seeking Employment:

Explore employment opportunities on or off-campus to generate income to cover tuition fees. Consider part-time jobs, work-study programs, or freelance work to supplement your finances.

3. Applying for Scholarships:

Research and apply for scholarships based on academic achievements, talents, or personal background. Scholarships can significantly reduce or eliminate the need for student-funded tuition payments.

4. Utilizing Savings Accounts:

Open a dedicated savings account specifically for college expenses. Regularly contribute to this account to build a financial cushion for tuition payments.

5. Considering Payment Plans:

Inquire about tuition payment plans offered by the college or university. These plans allow students to spread tuition payments over the semester or academic year, easing the financial burden.

6. Exploring Alternative Funding Sources:

Investigate alternative funding sources such as crowdfunding platforms, educational grants, or community-based scholarships to supplement tuition payments.

7. Working During Breaks:

Take advantage of school breaks and holidays to work and earn additional income. This can help cover tuition fees and other educational expenses throughout the academic year.

8. Minimizing Expenses:

Adopt frugal spending habits and prioritize essential expenses to minimize overall costs. Cut back on discretionary spending and explore cost-saving measures such as buying used textbooks or carpooling to save on transportation expenses.

By implementing these strategies and taking a proactive approach to financial planning, students can effectively manage and take responsibility for their college tuition fees.


In conclusion, not having enough savings for college can be a difficult situation, but there are several things you can do to still pursue your education. It’s essential to keep an open mind and explore all available options to find the best path forward. With determination and effort, it’s possible to overcome financial obstacles and achieve your academic goals.





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