A recent article by CNBC shows that student debt is reaching unprecedented levels – almost 1 TRILLION dollars! During a recession, it can be hard for families to deal with the escalating cost of college for a student. How can you avoid your child coming out of college with a crushing student debt?
1) Start Early. Your child maybe a little one now, but college can come up faster than you think. Parents often say “Where has the time gone?” when they find themselves faced with a teenager on the way to college, so start saving early for your child’s education. Most states offer substantial tax rebate incentives for college planning funds.
2) Know the Financial Aid Process. There are millions of dollars available to support college dreams in the United States. Are you sure that your child has access to all of them? Work with a College Admission Consultant to understand the Financial Aid Process and meet all the requirements and deadlines to support your child’s college dream.
3) Apply for Scholarships and Grants. Colleges invest heavily in attracting the best, not the most affluent, students to their institutions. Each achievement in a student’s high school career can be one more dollar towards college tuition or expenses, if you both apply for the right scholarships and grants, and support that application with stellar high school credentials.
College is expensive, but it doesn’t have to be crippling. Make sure you’re accessing the right resources and boosting your child’s college dream with the correct financial planning going into the college admissions process.