One year of College can cost From $20,000 to $65,000 a year
Along with worrying about rising tuition prices, parents also fear for their own futures if their retirement savings
are drained by children's college cost. Only 14 percent, for example, are very confident they'll have the money to live comfortably in retirement.- The ROI of a college education: College graduates earn 84 percent than those with only a high school diploma.
- Move retirement assets to qualify for grants: Most parents know about the 529 savings account, but that's not necessarily the best or only option. Reallocating your retirement assets, such as 401(k)s, can better position a child to qualify for grants and scholarships.
- Know your student's strengths and weaknesses: Assessment might include a personality profile and a detailed search for a future career. Also think about a more nuts-and-bolts approach, including scholarship eligibility, SAT and ACT prep courses, review of admissions essays and an in-depth analysis of chances for enrollment in a student's top four choices of colleges.
- Make a checklist of financial aid forms: Make a checklist with a timeline and notable deadlines. Be ready to troubleshoot the "alphabet soup" of data forms: FAFSA – Free Application For Federal Student Aid; CSS profile – College Scholarship Service; SAR – Student Aid Report; and more.
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