How Will I Ever Pay For College?

My son just started high school this year, and while I notice that he has a sudden preoccupation with his grades as he realizes that everything now “counts” towards his prospects of getting into the college of his choice, I have found myself with a new preoccupation.   How in the world will I ever be able to pay for college in just four short years?

Yes, I’ve read all the articles about the importance of beginning to save for your child’s education from the moment of their birth.  But let’s face it – the extra money has not always been there to save.  First there was a new baby to feed, then another came along, and a new house, and all the other expenses that come along with living in today’s world.  I saved when I could, but sometimes I just didn’t have enough left over to put away for the future.  So now with college looming just four short years away, I’m starting to panic because I’m not quite sure how I’ll manage to pay for college!  And with the ever-rising costs of higher education these days and the ever-worsening economy, I’m determined to make myself an expert on how to go about finding ways to help finance my child’s education.

This is what I know so far.  I can’t afford to pay for college tuition and expenses all out of pocket, but yet I’m not considered impoverished enough to be eligible for lots of financial aid (at least, I think).  So that leaves me with lots of work ahead of me to research ways to find scholarship money, grants, whatever financial aid may be available and student loan arrangements that won’t leave us paying for college long into retirement.

As I learn the ropes of this unchartered territory and do my homework, I’ll be sure to share any info I gather with you to hopefully save you some time and sleepless nights as well.  Stay tuned for this one – there will definitely be more to come!

This is certainly one area where I would appreciate any worthwhile advice from those who have been through this harrowing process before.  I lie awake nights thinking about how I will ever pay for college for my kids - and I know I surely can’t be the only one.

Between the costs of tuition itself and room & board, what it costs to buy or rent textbooks while in school, as well as extra expenses and spending money, the cost of going to college these days continues to skyrocket.  Figuring out how to pay for it all is a challenge for us all, but there has to be a way to cover the costs.  There is so much information out there about how to reduce debt, but what I need to figure out is how not to go into debt in order for my kids to get the education they deserve.  I know that the benefits of my kids’ education is worth whatever sacrifices I have to make for them to get there.