{"id":10709,"date":"2025-02-24T19:41:58","date_gmt":"2025-02-24T19:41:58","guid":{"rendered":"https:\/\/finderica.com\/?p=10709"},"modified":"2025-02-24T19:41:58","modified_gmt":"2025-02-24T19:41:58","slug":"how-to-help-kids-pay-for-college-without-going-into-debt","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=10709","title":{"rendered":"How to Help Kids Pay for College Without Going Into Debt"},"content":{"rendered":"\n
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\"ScoreCard<\/p>\n

You\u2019d love to save your kids from student loan debt, but how can you help your kids pay for college without sinking your own financial ship<\/a>?<\/span><\/p>\n

After all, the average in-state tuition at four-year public colleges reached <\/span>$10,662<\/span><\/a> this year \u2014 and that doesn\u2019t include room and board, books or personal expenses. So it\u2019s understandable that you\u2019re not sure how to help your kids pay for college.<\/span><\/p>\n

Student loan debt has risen to <\/span>$1.75 trillion<\/span><\/a>, and approximately <\/span>9 million Americans<\/span><\/a> over 50 owe federal student loans. You could end up having to delay your retirement if you\u2019re still paying off your kid\u2019s tuition.<\/span><\/p>\n

Strategizing how to pay for college doesn\u2019t have to be a solo decision, though. Here\u2019s what to discuss with your kids in order to help them pay for college.<\/span><\/p>\n

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How to Help Your Kids Pay for College Without Going Into Debt Yourself<\/h2>\n

Parenting isn\u2019t always fun \u2014 but if you have a nearly college-age kid, you already knew that, right?<\/p>\n

So breaking it to them that you won\u2019t be able to completely pay for college may not be the most pleasant conversation you\u2019ve had with them. But surprising them with that news as they\u2019re moving into their dorm room isn\u2019t a suggested alternative.<\/p>\n

By helping them understand what you can contribute, you can both plan accordingly and graduate with as little debt as possible \u2014 if any.<\/p>\n

1. Be a Realist<\/h3>\n

If you went used car shopping and your kid fell for a Tesla they really wanted to drive to their part-time job bussing tables, would you blow your budget and fork over the extra $40,000?<\/p>\n

No.<\/p>\n

The same goes for your child\u2019s choice of school.<\/p>\n

If your kid dreams of an Ivy League school but you\u2019re just scraping by, it might be time for a reality check.<\/p>\n

\u201cDon\u2019t go broke to put your kid into a name school,\u201d said Jamie Dickenson, certified educational planner. \u201cCheck your ego at the door and get serious about what\u2019s a good fit for your student academically, socially, emotionally and financially.\u201d<\/p>\n

She related the story of a West Virginia family she counseled when their daughter wanted to go to Clemson University in South Carolina to major in elementary education.<\/p>\n

\u201cThis was a family that made $80,000 a year,\u201d Dickenson said. \u201cOut-of-state tuition at Clemson is nearly $35,000 (a) year \u2014 or $140,000 total bill \u2014 for a job that starts at $36,000.\u201d<\/p>\n

Don\u2019t go broke to put your kid into a name school.<\/p>\n

By starting the college budget discussion early in the search process \u2014 like, before junior year of high school \u2014 you can help your children develop realistic expectations about school and expenses.<\/p>\n

Then help them choose where they can get the best education for the least amount of money.<\/p>\n

You might even convince them to consider saving money by starting out closer to home \u2014 a community college transfer could save $15,000 or more on a bachelor\u2019s degree.<\/p>\n

2. Go on the College Tour With Your Kids<\/h3>\n

Yes, you may have to walk six steps behind them (because, ugh, it\u2019s so embarrassing being seen with your parents), but when your kids are ready to tour colleges, don\u2019t let them go alone.<\/p>\n

Why? 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.<\/p>\n

Having a second pair of eyes and ears during the college tour can let them focus on what\u2019s important to them without forgetting to ask the practical questions.<\/p>\n

Before you go on a tour, set up an appointment with the financial aid office for the same day so you can connect with a real person and have a contact for follow-ups. Bring along these financial aid questions to the appointment to guide you when asking about scholarships, student loans and living expenses.<\/p>\n

When your child receives their acceptance letters and financial aid award packages, they can reach out to that same financial aid officer to ask questions about their specific financial aid award package to help them compare the offers.<\/p>\n

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3. Avoid Paying Tuition by Investing Early<\/h3>\n

Instead of taking out loans to pay for your kids\u2019 college, you can help your kids pay for college by investing in their education earlier (when it\u2019s a little cheaper).<\/span><\/p>\n

Shelling out a few hundred dollars for ACT or SAT preparation courses now could pay off when your kids begin applying for financial assistance.<\/span><\/p>\n

\u201cLook at [your] kid\u2019s grades and test scores, because that\u2019s where the majority of money for college comes from these days \u2014 merit-based aid,\u201d Dickenson said.<\/span><\/p>\n

If you\u2019re concerned that your kid won\u2019t qualify, call the college financial aid officer and ask what the cutoff is for merit-based scholarships, advised Amy Irvine, a certified financial planner and founder of Rooted Planning Group.<\/span><\/p>\n

\u201cMaybe you\u2019re only three points off from something, and you could re-sit for the SATs,\u201d she said.<\/span><\/p>\n

Another option: Advanced Placement classes. By encouraging your kids to sign up for AP classes in high school, they can take the exam for that subject and potentially receive college credit for it.\u00a0<\/span><\/p>\n

Although the AP exam <\/span>costs $98<\/span><\/a>, it\u2019s a deal compared to the <\/span>$447 <\/span>sticker price for one credit hour at a four-year institution<\/span>, according to <\/span>Education Data Initiative<\/span><\/a>.<\/span><\/p>\n

And the fewer courses they need to take, the smaller their tuition bill.<\/span><\/p>\n

4. Understand How Your Decisions Affect Their Financial Aid<\/h3>\n

When your child <\/span>fills out the FAFSA<\/span>, they must include information from your tax statements from the previous year \u2014 for the 2024\u201325 FAFSA, you\u2019d use your 2023 tax returns.\u00a0<\/span><\/p>\n

So it\u2019s important for you to consider financial-altering decisions that could decide whether they receive financial aid.<\/span><\/p>\n

That can mean delaying a big life change. Dickenson said she advised a client to delay marrying her wealthy fiance who didn\u2019t want to foot the bill for his stepson\u2019s college \u2014 or a one-time income boost \u2014 Dickenson suggested you might ask your employer to defer a year-end bonus until the following year.<\/span><\/p>\n

You should also consider how the money you already have is counted toward the Expected Family Contribution (EFC).\u00a0<\/span><\/p>\n

The majority of the EFC is based on income, but any assets the child owns are counted against them at a higher percentage than the parents\u2019 assets when determining financial aid awards. That means your child is more likely to qualify for financial aid if you keep the money in your name rather than building up a savings account in your child\u2019s name.\u00a0<\/span><\/p>\n

Helping your kids strategize ways to pay for college \u2014 without either of you going into debt \u2014 could be your biggest parenting win of all.<\/span><\/p>\n

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Tiffany Wendeln Connors is a former staff writer\/editor at The SS. Read <\/span><\/i>her bio and other work here<\/span><\/i>, then catch her on X @TiffanyWendeln.<\/span><\/i><\/p>\n

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