How to Start a College Fund Without Help From Your Ex

start college fund
Worthy Staff

By Worthy Staff | Jun 20th, 2022

In America today, there are over 10 million single-parent households, making up about 30% of homes in the US. In a portion of these homes, single parents receive support from their former partners, but a substantial number of single parents live on their own income. Frequently, a non-custodial parent is unable to contribute alimony or child support for a number of reasons.

This puts a lot of pressure on the custodial single-parent to provide for their children financially and give the children what they need. Money for college is no exception.

Currently, university tuition rates are skyrocketing. This has made saving money for their children’s college fund a daunting task for many single parents. However, there are several ways that you can start and grow a college fund for your children that you can afford. You can make small contributions to your child’s trust fund over a long period of time that can allow your child to pursue higher education.

Include Your Ex In Your Plans

Even if a conflict exists, you can work to put differences aside in an effort to work together even if he or she is contributing nothing to your child’s future education. The goal is to make him or her aware that:

  1. There is a college fund for the children you share and any help is appreciated.
  2. 100% of contributions will be deposited and a receipt will be provided.
  3. Your ex’s help will be acknowledged by the kids.

The idea is to always leave the option open to give without guilt when your ex is able to help out. Empathy can be an effective tool you can use to help you collect a substantial amount of money for your child’s college education.

Take Advantage of Tax Credits

There are plenty of deductions and tax credits that you should use while you are paying for your children’s college fund. The IRS specifically provides the following tax credits:

You should plan for the financial burden that tuition puts on your finances in advance and take these tax benefits into consideration. This will allow you to have more cash flow down the road. Plus, if you have more than one child, you can strategically use the benefits to help pay for college for your other children.

Encourage Academic Excellence

It’s much easier to pay for college when scholarship money is on the table. Whether it be through sports, academics, or both, intellectually engaged children are top contenders for the best scholarships the higher education system has to offer.

It’s much easier to pay for college when scholarship money is on the table. Whether it be through sports, academics, or both, intellectually engaged children are top contenders for the best scholarships the higher education system has to offer.

Seventy percent of all scholarships awarded pay full-tuition benefits. Of course, not all children thrive in the rigors of academics. If there is an area in which your child thrives, you should encourage your child to apply for a scholarship that highlights your child’s area of expertise. For example, there are also scholarships for excellence in a particular field, such as music or writing.

Discuss Potential Modifications to the Agreement

Sometimes, an ex will ignore his or her obligations towards paying for your child’s college. Your ex may believe that paying child support or alimony is enough, but your ex should be willing to pay for your child’s college education if you are.

By working with divorce professionals, you can have your post-divorce agreement amended to include college tuition savings. Lawyers also possess a keen eye for family and financial planning. It’s worth making the call.

Worthy Staff

Worthy Staff


The Worthy Blog is a place for inspiration, insight, and advice for all things surrounding life's greatest transitions - divorce, losing a loved one, retirement, and so much more. You can find us on our blog, Instagram, and Facebook.

 
 
 
 
 
 
 
 

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