So its understandable that youre not sure how to help your kids pay for college.
Student loan debt has risen to$1.75 trillion, and approximately9 million Americansover 50 owe federal student loans.
You could end up having to delay your retirement if youre still paying off your kids tuition.
Strategizing how to pay for college doesnt have to be a solo decision, though.
Heres what to discuss with your kids for help them pay for college.
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Listen, we know its tough out there.
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But surprising them with that news as theyre moving into their dorm room isnt a suggested alternative.
The same goes for your childs choice of school.
Dont go broke to put your kid into a name school, said Jamie Dickenson, certified educational planner.
This was a family that made $80,000 a year, Dickenson said.
Then help them choose where they can get the best education for the least amount of money.
Consider the thought and research you put into major purchases, like a house or car.
Your kid could potentially spend that much money on college.
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Maybe youre only three points off from something, and you could re-sit for the SATs, she said.
Another option: Advanced Placement classes.
And the fewer courses they need to take, the smaller their tuition bill.
So its important for you to consider financial-altering decisions that could decide whether they receive financial aid.
That can mean delaying a big life change.
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Tiffany Wendeln Connors is a former staff writer/editor at The Penny Hoarder.
Readher bio and other work here, then catch her on X @TiffanyWendeln.
