Nothing Seems To Scare Parents More Than The Prospect Of Paying Their Children s College Tuition Fees.
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The Top Fear for Parents: College Tuition Costs
Overview
A recent survey of 300 parents with school-age children revealed that the expense of college tuition outranks other common fears such as family safety, terrorism, and crime.
Insights
While some experts found these results surprising, I am not among them. For years, I've received numerous letters from parents about the hardships caused by student loans.
I consistently advise parents to prioritize their retirement savings over college funds. Retirement comes with minimal financial aid options, unlike college. Despite this logical advice, many parents remain uneasy about not saving for their children's education.
Student Loans and Costs
The student loan industry is massive. According to the College Board, the average annual cost at a public college is around $12,127, with private institutions averaging $40,000. Parents are often torn between saving for their future and their children’s education.
Finding Balance
To find a middle ground, parents should proactively seek out grants and financial aid. Kalman Chany, author of "Paying for College Without Going Broke," warns that waiting too long can mean missing out on valuable aid programs. Many deadlines fall before college acceptance letters are mailed.
According to the American Council on Education, over 1.5 million students eligible for Pell Grants didn’t apply. Make sure to check eligibility and apply early using resources like [studentaid.ed.gov](http://studentaid.ed.gov).
Savings Programs
Programs like Upromise and Littlegra reward parents by contributing to tax-deferred college savings accounts. Although these contributions can be small, they represent free money for education savings.
Ben Kaplan, from [ScholarshipCoach.com](http://scholarshipcoach.com), secured $90,000 in scholarships, demonstrating the effectiveness of seeking scholarships.
Education vs. Ambition
Data suggests that life success is more about ambition than attending an elite school. This is worth considering when weighing an Ivy League education against the financial burden versus a more affordable public school.
Beware of Scams
The fear of high tuition leads some families to pay for unnecessary scholarship searches. Be wary of offers promising to find or apply for scholarships for a fee. Many websites offer free access to scholarship and grant databases.
Final Thoughts
Make informed decisions about college savings while safeguarding your retirement. If you have a question or want to share an opinion, visit [CarlHampton.com](http://www.CarlHampton.com).
?" Carl Hampton, Bestselling Author of "From Credit Despair to Credit Millionaire"
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