The combination of the importance of education, and the fact that it is very expensive, makes it essential that you make wise decisions now as you plan your children’s college education.
Do it right and you set your child up for success in life.
Do it wrong and you could cripple your children, or yourself, financially for life.
There is a lot riding on the decisions you make about paying for their college.
In my opinion, your job has become much more difficult with the meteoric rise in the use of student loans to finance college.
The truth is student loans don’t make college affordable. They make an already expensive proposition even more expensive.
And they represent one of the more dangerous forms of debt you can take on.
I have four areas, or steps, where your time and attention will pay huge dividends as you plan for your kid’s education and their transition to adulthood.
- Find out how student loans really work
- Teach your children about money and debt early
- Have your children become experts on college costs and scholarships while they are in high school
- Save money and choose schools wisely
I wrote an article for the Business Bank of Texas where I talk in detail about steps 1. and 2.
In a follow up article (part 2), I’ll go into detail on steps 3. and 4.
Take a couple minutes to read Planning your child’s education (without student loans) – Part 1
Then let me know some ways you might put these tips to work in your family.