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4 Strategies to Save Money on Summer Child Care Costs

It’s a challenge that many families face during the summer months. Their children are no longer in school, but aren’t quite old enough to be home alone, so families stare down yet another summer of expensive child care. Even worse, child care often isn’t all that fun for the kids, either.

While child care might seem like the obvious, easy solution, don’t lock yourself in just yet. Instead, explore some of these other options for inexpensive child care during the summer months.

[See: 12 Habits of Phenomenally Frugal Families.]

Arrange rotating care with other busy parents. One great option is to simply share the child care responsibility with other neighborhood parents. Each family spends a week or two weeks operating a free “day care” for the children in the group. So, for example, Family A might watch the local kids during the first two weeks of June. Family B might pitch in during the last two weeks of June. Family C handles the first two weeks of July, and other families pitch in until the whole summer is covered.

When it’s your week, you simply throw open your doors to all of the children in that group. You organize activities for them, feed them lunch, make sure that they’re safe and stay out of trouble, and so on. Then, during the other weeks, you simply drop off your children at a neighbor’s house — whoever happens to be in charge that week — on your way to work and pick them up when you get home.

It makes for a couple of exhausting weeks and it might burn up most of your vacation time, but it basically eliminates the cost of child care if you can organize a full summer of this strategy. Even if you can’t fill the whole summer, you can fill several weeks of it in this way, enabling you to fill in spots with other options.

Stagger your work leave. One way to cut the cost of summer child care is to have parents stagger their vacation time and pull the children out of child care for a month or so. Just let your summer time off overlap with your partner’s a little if you wish to have a family vacation. If not, then go camping on a weekend or two.

This can cut a giant hole in the cost of paid child care for the summer, wiping out an entire month’s worth of expenses and ensuring that you get plenty of quality time with your kids during the summer, too.

[See: 12 Frugal Ways to Save on Vacation.]

Take advantage of remote relatives, especially parents. One strategy that works well for tight-knit extended families is simply sending kids to visit relatives for a week at a time during the summer. If the kids have a favorite aunt or willing grandparents, the kids can depart on a weekend and return the next weekend having had a great deal of fun with their extended family members.

This not only provides a week of free — or nearly free — care, it also goes a long way toward cementing deeper bonds among extended family members. A week spent with a favorite aunt, uncle or grandparent can make your family much tighter.

[See: 10 Fun, Frugal Ways to Spend Your Free Time.]

Take advantage of summer camps, too. While summer camps are definitely expensive, they do have the advantage of typically lasting for a week, meaning that you can use a camp or two to fill in blank spots that aren’t covered by the other options listed above. You generally don’t have to commit to an extended period, as you would with a typical child care service, and they’re often not all that much more expensive than a week of typical child care anyway.

Choose a camp or two that matches the interest of your child (or children) and sign them up for weeklong camps focused on those interests. Not only will this give your children some experience being away from home, it also gives them a great opportunity to explore a burgeoning passion and have a lot of fun, too.

The best solution for most families is likely a mix of these options. You may find that a three-way child care sharing strategy with two neighbors for two weeks each, along with a few weeklong trips to relatives, plus a weeklong camp, adds up to a full summer of child care coverage at a far cheaper price than a typical child care service. Not only that, this hybrid strategy likely gives your children a wonderfully varied summer with a lot of love.

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4 Strategies to Save Money on Summer Child Care Costs originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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