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