It's not a secret that college can be expensive these days. That's why parents are often searching for additional methods to pay for school.
Some parents refinance their properties to help pay the tuition bill, while some pick up part-time jobs to cover costs. But because the price of college continues to rise, parents are becoming more creative about how exactly they pay for their child's education.
PFC 101 member Leslie F. asked parents concerning the “extreme things” they've completed to help pay for school.
Here are some highlights using their answers:
Becoming Landlords to Pay for School
Several parents said they either bought a small rental or rented out rooms within their homes to earn extra money.
Karen M. said she bought a rental property that “has appreciated enough to cover most college costs.”
Cindy L. buys apartments and flips homes.“We don't use the money we make from them and have been using the profits through the years and putting them into our kids 529 college plan.”
Some families have extra room and choose to rent rooms out on Airbnb.
Sarah T. mentioned that when she would Harvard, her parents rented out two bedrooms in their home to assist pay tuition. “I've been grateful to them every single day since.”
Plasma Donors Help in Multiple Ways
Selling plasma is a way to earn some extra cash. Numerous parents noted that they had done this to help pay college costs. Some, such as Sheila N., even recalled they donated plasma as a college student themselves.
At most places, plasma donors are paid between $50 and $70 per appointment. The American Red Cross says donors can give plasma every 4 weeks and as much as 13 times a year. However, many private companies allow individuals to donate two times a week.
Selling Things Is an Option
Many parents said they were given rid of some items throughout the house to put that cash toward the college bill. While eBay has been a popular site, some parents mentioned using online marketplaces to sell their things. From old clothes to electronics, there is no lack of websites to make use of to sell on these days.
Some parents sold much bigger items. Polly H. sold her car and instead drove her daughter's car while she was away at school.
Side Jobs Generate Extra Income
It's common for students to work part-time to pay for books or other college expenses. Some parents mentioned they are, too.
Kerry R. said she bartends part-time, while Cynthia R. tutors in math on the side.
More people are using their cars to earn extra money, too. Sharon C. said she was a driver for Doordash during the lockdown.
For students, these stories are not only a good reminder of the power of love, but to thank Dad and mom for the hard work and sacrifices they've designed to enable them to earn a university degree.
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