Article | 1:31 min read

Financing Your Child’s College Education on One Paycheck

Life Events

College is expensive, and trying to pay or help pay for your child’s education after high school as a single parent is no easy challenge.

Son and mother hugging each other

Financing your child’s education on a single paycheck can be challenging. With careful planning and smart financial decisions, it is possible. Learn tips to help you navigate the situation.

  1. Schedule a meeting with your child's school counselor

    Most high school guidance counselors will have full knowledge of scholarships and grants applicable specific to your family situation. If your child's school does not have a guidance counselor fluent in college finances, consider making an appointment with a college financial advisor.
  2. Encourage scholarship applications

    Many times scholarships only have a handful of applicants because they are not as known, give out smaller gifts of money, or have strange requirements. If you come across a scholarship and think your child could qualify, encourage them to apply. Your child can't receive a scholarship if they don't apply for it.
  3. Fill out the FAFSA early

    The Free Application for Federal Student Aid (FAFSA) may be the biggest financial help for you and your child in paying for college. Students fill out a FAFSA form to be eligible for most forms of financial aid. If you do not fill out the FAFSA each year, then you cannot apply and receive work study on campus.
  4. Consider a community or junior college

    During the initial two college years, many students remain uncertain about their long-term academic paths or might change their majors multiple times. Look into lower cost colleges and tackle general education courses first.
  5. Evaluate local commuter college alternatives

    This can be much like a junior or community college, but you'll save money on housing. However, your child might perceive a slightly different college experience as they will be commuting.

As a single parent, you have shown resilience, determination, and selflessness in providing your child with a brighter future. By investing in their education you are empowering their academic and professional journey.


The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.