Parents; What can you control about your child's college future?

1. Start saving as early as possible. Waiting until your kid hits 16, has a 3.8 GPA, and says he/she wants to be a doctor is not a good move. Starting to plan and save early (infant is the best) gives you and your child the best opportunity to have all the funds needed when college time comes.

2. Be financially upfront with your kids. Letting your children know how much money will be afforded to them for college is hugely important at a young age. Let them know that any amount above what you have for them will need to be earned via scholarships, savings, and student loans. The younger they understand this the sooner and harder they will work on those things.

3. Share all the options with your children and make suggestions or recommendations. In my last blog post I spoke about 2 year colleges. Make sure you little ones know and understand the impact behind this decision.

4. 3 year college degree programs are becoming more and more available. In our current economic state, this should grow as a trend, not decrease. A 4 year degree in 3 years will save roughly 25%.

5. Finally, let friends and family help. During gift giving time, perhaps let family donate into a college savings account. Over the course of many years, just one birthday present annually from grandma could have a huge impact in a 529 or other savings product. Don't be shy about asking. Trust me, the people in our lives are always wondering what to get us for bdays, holidays, graduations, etc. They will thrilled for you to share this since it is such a good cause.

Too late to save for college, what now?

Each week I have been talking about 529's and a few other ways to save for college. Well, if you happen to be in college now or are going to be in the very near future, what can be done to help with this great expense? Research, plan, and make some tough decisions.

A four year private university can charge well above $35k. The average cost for a 4 year Private is up this year to just over $26k. However, about 20% of students pay less then $18k. This is because of the $170 billion in financial aid that is currently available. As a matter of fact, the average grant aid for a four year private college is over $14k per student. Research you grants and aid. You MUST see what is available for you.

The decision making process; is a private college the only college for you? We all know that state college costs have risen sharply as well. Up 6% this year. This rising cost is still significantly less money then the private option. As a matter of fact, taking no grants or aid into play, private college is on average 375% more expensive then a public institution. Will you get nearly 4x the education? Thats for you to research and decide.

And finally, to take this one step further, Community College. 1/3 of all full time college students attend public two year colleges. I did! And after two years I decided college was for me and I needed to move on to a 4 year. I decided what I wanted to major in. And I decided where I wanted to go. This two year college decision for me showed me the way and saved me about $10k vs. going to the state school from the start. I graduated 12 years ago. Imagine what the cost savings would be today.

Do your homework and research the heck out of schools, and what aid is available to you. Plan the best you can. My plan sort of worked itself out along the way. Then, make the best decision for you and your needs. I believe college is for everyone. Hopefully everyone can find a way to go!

Wayne Weber

Save for college, but how?

Today, there are so many different ways to save for college. It seems so confusing and now I know why my four sisters struggle to find the best way for my eight nieces and nephews.

529's are by far the most popular choice. Are they good for everyone? Two of my four sisters use 529 College Savings Plans for their kids and are doing a great job with them. They have automatic deposits that go in, add money during bonus times and increased cash flow, and seem to be a good promoter of the plan during gift giving time. Let's face it, grandma's $10 cash gifts go a long way when your seven. However, the dent they make going into a 529 over 15 years is incredible.

One of my sisters is married to a finanical wiz. His version of a 529 plan is a well diversified portfolio that carries as many tax benifits as possible. I'm quite sure his college saving plan will do great and hope that it outperforms any 529. If you carry this expertise and have the time, private investing is a great choice.

And finally, the "good luck kid" approach to saving for college. Many adults have had to do it on their own. Scholarships, grants and loans are all great tools and resources. There is something to be said about "earning it, all of it"! Just know, college is expensive and is not getting any cheaper. My wife and I still pay her student loan after 12 years. It's a small loan and carries a 3.5% interest rate. Today the loans are way bigger as well as the interest rates. What was once a cell phone bill to pay off a student loan is now a mortgage payment.

529 plans are not for everyone but certainly for most. If helping your children save for college is your plan and you think a 529 is for you, ask for help. Ask your friends with kids. Read the plans available in your state. Make sure you know what is right for you first! And when all else fails and your still at a loss, ask a finanical professional.

Wayne Weber

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Saving for college without a 529

Uniform Gift to Minors, Education Savings Accounts, Taxable Accounts... Is one a better option for you. Great read. http://tinyurl.com/yzygffr