Of course you want to be able to pay for your child’s college education. Who doesn’t? It’s every parent’s dream, right? For those who can afford it, paying for college for the kids outright is a great thing. For most middle-class people however, the thought of paying the bill for four years of higher education or taking on more student loan debt can be downright nightmare-inducing.
Here are some things to remember when planning for your children’s college education:
1. Start setting aside money when they are young if you can, but it’s never too late to start.
2. Apply for every scholarship you can find. Start researching scholarships and involve your college-bound child in the process. As soon as your child is a junior in college, start looking for scholarships. Make it your child’s job to apply for any scholarship you can find, no matter how big or how small. Those small scholarships can add up quickly!
3. Don’t sacrifice your own future to pay for college. Don’t forego funding your own retirement account in order to pay for your child’s college. Think of it this way. Your child can get loans to pay for college and then work for years to pay them off, but you can’t get a loan for retirement and work to pay it off.