Thanks for voting!Seems like only yesterday that your pride and joy was off to pre-school, right? No matter how long it’s been (or how nostalgic you’re feeling), there’s nothing comforting about the fact that college is close behind and gaining fast. You or someone (most likely you) is going to have to figure out a plan to pay for it. There will be sticker shock. And there will be difficult decisions ahead. One way to help soften the blow? Knowledge about how to cut out some of the upfront costs. Here are some thoughts on how to do just that.
There’s no doubt that the “C” word strikes fear in the hearts of parents and prospective co-eds alike. Yes, college is expensive. But short of sacrificing your retirement fund, it’s worth every nickel and dime you or someone else (including your child) scrapes together to pay for it. But think of it this way. Paying for college (whether it’s out of pocket or through scholarships, student loans or a combination of all three) will most likely pay itself off and then some down the road. Studies show that the more education someone has, the more money they make over the course of their professional life. A lot more. But none of it comes without some serious investment. After all, is there a better return than a sound educational and financial future?
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Just be careful you are not sacrificing your retirement account in order to pay for your child’s education. There are no loans for “retirement” but there are still loans and other methods to get college paid for. One suggestion is try a Junior College that will transfer credits to the 4 year college your child wants to go to. This idea can save thousands in loans and interest alone.