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Published November 12, 2008 06:24 pm - As families begin to take stock of how the financial crisis is affecting their lives, many parents of teens are seeing that one of the biggest changes to come lies in their teen’s college education. Mat Anderson: Plan now for college tuition As families begin to take stock of how the financial crisis is affecting their lives, many parents of teens are seeing that one of the biggest changes to come lies in their teen’s college education.
As a result of the dwindling value of some college and retirement funds and increasing tuition cost, many families are now taking a hard look at how to pay for college. A new national study by Applywise.com found that 50 percent of families polled are now limiting their teen’s college choices to less expensive campuses because of the economic downturn. Many of the schools that are seeing an increase in applications are publicly-funded state schools while private colleges are seeing lower application numbers. For many families, the choice to go public rather than private may take much of the burden off of paying for tuition. According to CollegeBoard .com, the average cost of attending a four-year public school this year is $18,326 — about half the cost of the average private school, which comes in at $37,390. Many families are also seeing that a possible option for paying for college tuition is to take out a student loan. However, it is important for families to look to the future and ensure that it will be possible for the student to make payments once they graduate and get a job. When choosing a school and a field of study, families should calculate the average loan payment and the average salary the student will earn once employed in their field of study. To help families decide how much debt is sensible based on a student’s future earning power, parents and students can use the Student Loan Advisor calculator at Finaid.org. Parents with younger students that have a few years to go until college can also look into ways to save for their college years. Some good options include putting away money in state-sponsored 529 accounts or education savings accounts. These savings accounts allow parents to save money tax free for their student’s education. Another important source of funding for college tuition is scholarships. While many teens have neglected applying for scholarships because they are time consuming and it is easy to forget deadlines, many families’ changing financial situation is making it clear that when it comes to college tuition, every penny counts. One of the important keys to finding scholarships is to begin researching early. This means that even students in ninth and 10th grade can begin looking around the Internet finding out what is available. It is also important to note that not all scholarships require students to get straight As. Many scholarships are available to teens that volunteer and are otherwise active in the community. Some Web sites to help you get your scholarship search started include Fastweb.com, Studentaid.org and Collegeboard.com. While funding your student’s education may seem like a crushing burden in light of this economy, it is important to talk to your teen about their education and to come up with solutions and compromises that will ensure that they receive the education they need to achieve their dreams while avoiding crushing the crushing debt of tuition costs. Mat Anderson is the staff writer and research specialist at The Bridge in Joplin. For more information visit futureparadigm.org. 
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