5 Tips to Cope with College Expenses
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| Stepping Stones
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March,
2018
Issue #160
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Do you have a friend whose Millennial has boomeranged home? Please let her know about our book, Whose Couch Is It Anyway? And you can share this Stepping Stones by clicking the black "Forward to a Friend" link on the bottom left of this newsletter.
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| | 5 Tips to Cope with College Expenses  This time of year high school seniors are hearing about acceptances from their colleges of choice. If your child or grandchild is not that old, when should you begin to think about how to handle their higher education? College tuition in the U.S. is one of the most expensive in the world. It has increased 50% in the past ten years, affecting the budgets of families across the country. And 40 million graduates themselves are saddled with at least one loan - at an average of about $30,000. Total student debt has risen to over $1.2 trillion, causing many to return home as boomerang kids. Although a college education has traditionally led to higher paying jobs, some pundits are cautioning against that assumption in today's economy. They suggest that families consider the full pros and cons of higher education vs. more specific job training for a child's particular interests. You may still decide that college is the right place for your child but that you need to control the costs. While you may not be able to convince colleges and universities to roll back their inflated tuitions, there are steps you can take to cope with these expenses: Plan ahead. Begin to talk about the realities of covering college costs early in your teen's high school years. You may have started a college fund when she was young, but now it's time for a teachable moment - involve her in the process too. While you want her to focus on maintaining good grades to gain acceptance into the college of her choice, let her know that your budget and the school's fees will also play a role. Research options. Discuss different undergraduate choices: 2-year community college, 4-year public university, 4-year private college. Depending on his interest in one career over another, a less expensive school may be appropriate. He may decide to begin in a community college, then transfer to an in-state school for higher-level courses and finally attend a university for an advanced degree. Everyone participates. Parents with kids in college often reduce funds they allocate to other budget categories like vacations or entertainment. Helping with tuition may even necessitate working years longer before retirement. Students may take summer jobs to generate extra money and get hands-on training that can pay off in a better part-time job in college. They can also participate by creating an exemplary high school record, making student aid more likely. Balance scholarships, loans and family savings. Specialized scholarships and fellowships may be available from private sources for qualified students and colleges themselves may offer financial assistance. Federal funding exists through Pell grants, Stafford loans, GI benefits and work-study programs. But family savings often contribute the most to college expenses. Design payback strategy. There are rules for how soon student loan payments need to begin and the amounts that are due. Within those guidelines, families can help set up a realistic approach for repaying that loan before the interest compounds and increases the total debt. With large student loans having a negative effect on the growth of the country's economy as well as parents' and Millennials' finances, controlling this debt as best you can will be a win-win for everyone. And it just might limit the amount of time your boomerang kid will spend on your couch. © Her Mentor Center, 2018 |
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You May be Interested........  We and Boomerang Kids are in the news again! Charlene Giannetti interviewed us about how Millennials and their parents handle them coming back to re-feather the empty nest. You can listen to our podcast on her website, Woman About Town. If you have Millennials ready to tie the knot, are there hot button issues as the wedding approaches? We've shared helpful hints in this Huffington Post article about how the bride and groom can avoid arguments before the ceremony. |
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