Paying For College For Uncoupling Kids With Divorced Parents 

If you are going through a divorce, it is crucial that you do not let it affect your kid’s higher education and that you negotiate the proper planning with your ex-partner. After graduating from high school, college is on the horizon, making expensive tuition fees a reality that many parents are forced to consider.   

Paying For College  

Many parents set up funds for their kids’ higher education from the moment they’re born, and it is one of the largest expenses they will ever save for apart from their retirement. Going through a divorce can affect how much each parent puts towards college funding, which does not have to ruin your kid’s dream of entering college.  Since there are many financial hurdles to navigate during divorce, you must do some planning to divide the college funding fairly and equitably. There are many things to consider when parents are splitting, and these are applicable even if your child is still in diapers.  If your kid is soon to finish high school, it is of the utmost importance that parents agree on how best to handle dividing college costs. By setting up a separate account, the parents can either contribute a percentage of their income towards the college fund or put in a fixed amount per month ($250).  You can reach an agreement with your partner that the amount increases over time or decide to keep it fixed for the duration. This must be planned ahead of time and kept fair so that there is no room for conflict.  

An Alternative For College Funding  

An alternative that many parents opt for regarding college funding includes agreeing to pay for one-third (per parent) of the child’s college tuition and other expenses. This means that the parents cover two-thirds of the costs, and the child covers one-third, typically through student loans and scholarships. In many cases, the child is too young to understand the agreement, so there is no real need to discuss the details until they’re close to college age.  

UNC Provision  

The UNC provision is the name given to the splitting of costs for college funding by parents. It means that parents agree to cover all expenses for the four years at college or university, typically public or in-state university.  When it is time for the child to reach a decision, they may choose to forgo college plans altogether or attend a cheaper community college, which means that they’ll have a financial advantage going in. This allows the child to reap the best financial yield possible by allowing them to choose where they go.   Divorces can be tricky to manage, especially if there are unresolved issues between the parents, which can invite conflict. It is the parents’ responsibility to ensure that they do not let personal matters affect their child’s future, which is why financial planning goes a long way.