There are different ways to keep your debt low. It depends on your situation, and your family's situation. Every family is different.
Some parents have been able to save a little cash for future college education, others have not. Some families are able to keep a college-age child at home, other children must establish their own residence when they graduate from high school.
Here are a few tips:
- Start at a local community college. It's often possible to complete the first one or two years of a four-year degree at a community college, and then transfer to a four-year institution.
- Programs like AP and IB allow graduating high school students to earn university credits by taking tests.
- High school students can take college classes while in high school, either by attending classes at a local college, or online. Often the tuition is less for high school students.
- Compare costs: some universities have lower prices than others. Shop selectively, not only for tuition prices, but also where the student will live during college. Which is cheaper - a dormitory or an apartment?
- If it's possible, students can live at home with their parents for some or all of their college careers. This won't work for every family, but if it works for yours, you can save a lot.
Not only can you start saving money while your child is still a baby, but you will pay fewer taxes to the government as well.
There are a variety of tax-deferred or tax-free educational savings programs: Coverdell Accounts, 529 Accounts, UTMA, UGMA, and local pre-pay tuition plans. Some of the details vary from state to state.
Naturally, the very best possible outcome is to graduate debt-free. That's a lofty goal, and sometimes an impossible one.
But you can help yourself greatly by keeping your debt as low as possible.
