If your child is still young, consider setting up a 529 College Savings Plan. If you are sending your child off to college soon, you may need to reprogram the way you think about their education and your financial future.
Private schools may simply be out of your budget—accept that and move on. Then look at tuition for public universities—paying for four years or more at one of these may be out of your budget. If finances are tough, consider doing the general education curriculum at a Community College, then go on to a public university. For many career paths the undergraduate school you choose means little once you are looking for a job.
Then look at who’s paying for their college experience? This is not all your responsibility, after all they are adults now. Consider a part-time job for your student and full-time in the summers—this allows them to pay for any of the extras they may what, and to chip in for the necessities. Chances are, if they are paying for part of their education, they may be more dedicated to their studies.
Don’t shoulder the whole responsibility yourself, it will teach your child responsibility to have to think about the financing it takes to pay for their education. ■
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