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Getting accepted into college is a major accomplishment. The question is: How much is it going to cost? If you’re thinking about how you’re going to pay for college, use our list of long- and short-term strategies to help you secure the funds for a college education.
The cost of tuition is skyrocketing, and with the average student borrower carrying a student loan debt of $39,351 many parents have reason to worry, particularly those who are in middle- and lower-income brackets.1 But with a little flexibility and financial preparation in advance, you can help your child achieve his or her dreams for the future.
Check with your child’s high school guidance counselor or the prospective college's financial aid office about available scholarships. You may also want to search online or speak to your local reference librarian.
Did you know the average student takes about 4.5 years or longer to graduate?2 This can add thousands of dollars to tuition bills and delay the beginning of careers. So how do you ensure that your child graduates on time? First, before your child commits to a college, ask, “Will my child be able to arrange his (or her) schedule so he (or she) can graduate in four years?”
Next, make sure your child takes as many core classes as possible during the first year of college. This will also allow your child to give different majors a “test drive” and see which might be a good fit. After that, urge your child to decide on a major early and arrange his or her schedule to make sure that all requirements can be met.
Talk to others in your community, including parents, your child’s high school guidance counselor, teachers, and his or her prospective college's financial aid office.
A New York Life financial professional can help determine what’s right for you.
As your family grows, so do your needs.
Learn how we can help you meet your retirement goals and prepare for your family's future.
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1 https://educationdata.org/student-loan-debt-statistics
2 https://nces.ed.gov/fastfacts/display.asp?id=569
Neither New York Life nor its financial professionals and affiliates provide tax advice. Please consult your tax advisor to find out how the general topics discussed in this article would affect your personal tax circumstances.