| Many parents think that their child can just | | | | head start in life and education and no debt is a |
| borrow money whenever they start to attend | | | | wonderful way to start. |
| college. Most adults, who have children that went | | | | The bottom line is, no matter whether your |
| to college, had to pay for college themselves. It is | | | | parents save a lot of money, a little bit of money, |
| also true that if you have a lot of money in the | | | | or no money, you will still probably have to come |
| bank and investments, then your child will probably | | | | out of pocket some to attend college. If you are |
| not qualify for very much financially. The more | | | | considering a two-year or a technical college, |
| money you have, the higher your expected | | | | there are ways to attend without paying money. |
| family contribution will be from the college your | | | | Even if you do have to pay, it will be a very |
| child is attending. When this number goes up, the | | | | minimal amount. It is the four year colleges and |
| number for financial aid goes down. | | | | universities, especially out of state, that will cost |
| If you have a young child, you might consider | | | | your family a lot of money. If you can stay |
| starting a cash account at your home. You can | | | | in-state, live at home, and attend a four year |
| take out a little bit of money each paycheck and | | | | university locally for 50% of the cost that you |
| start saving money at your home. This is one | | | | would pay for attending college out of state, then |
| way to not show as much in savings at your | | | | stay home. |
| bank. | | | | Many states have a variety of four-year colleges |
| A good rule of thumb is a dollar saved means a | | | | and universities within the state. If you want to |
| dollar you do not have to borrow. This applies to | | | | get away from your hometown, then you should |
| all areas of life. It is up to each individual family if | | | | consider staying within your state, but just going |
| they help their child with college expenses. Many | | | | to another town and attending a four-year |
| families want to help their children get a college | | | | university. This is a strategy that will save you |
| education without going into debt. If you have the | | | | and your family lots of money. There is no point |
| money and can afford to do so, it will be very | | | | in borrowing 30 or $40,000 in student loans, if you |
| generous of you. Giving your child or children a | | | | do not have to. |