Why Your Children Should Help Pay for College

Spring means college admissions, and we still recall the agonizing wait for the mail carrier. A thin envelope brought bad news, a thick envelope acceptance. Today, though, the “envelope” arrives via email – and that’s not all that’s changed.

These days, the sticker price for private colleges starts at about $40,000 a year, going much higher for a prestigious institution; in-state schools run about half that. Nearly as soon as the anxiety on the admissions front dissipates, it’s replaced by another worry: how to pay for college. This typically involves a combination of financial aid, scholarships, parents’ income and savings, and student borrowing.

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