Attending college is becoming more and more expensive by the day. For some, college is not feasible anymore due to the increase in tuition.
Parents need to advise their children before they apply for college what their tuition limit is. Telling them this from the beginning eliminates the situation of your child getting their hearts set on an institution that you cannot afford to send them to.
As stated in the article, Parents: Borrow for Kids’ College, Jeopardize Retirement, written by Jennifer Garrett:
“Parents need to let their kids know what they can afford to pay for college, and they need to let them know early in the process,” says Joe Orsolini, a certified financial planner with College Aid Planners in suburban Chicago.
This is critical, Tirukonda agrees, because it not only gives kids parameters to work within, but also gives them greater ownership of their decision. If they choose to apply to or attend schools that cost too much, they have to figure out how to make up the difference. That could include a private loan from your credit union, financial aid, or even deferring college for a year while they work and save money, says Jennifer de Thomas, a certified financial planner with New Outlook Financial in Portland, Ore.
Learn more about how to budget accordingly for your child’s college tuition, here.
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