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Monday, February 6, 2023
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10 tips for saving money when sending kids to college

CollegeSavingsWBy Pete Pichaske

Few parents out there aren’t thinking about how to cut the cost of college and most are on the lookout for ways to save when sending their kids to college. As college costs rise to record levels, fears of insurmountable debt are growing.

“It’s one of the top things parents — and students — are concerned about,” says Susan Love, school counseling specialist for the Anne Arundel County Public Schools. “They want to come out of college without a lot of debt. Many families today are feeling a real pinch.”

“It’s certainly something all financial planners deal with,” agrees James Klima, founder and president of Klima & Associates Inc., a Columbia-based financial planning company. “It’s a basic part of financial planning for families.”

Fortunately, experts like Love and Klima say parents can do something about this budget-busting bad dream. All it takes is some planning, diligence and flexibility.

Below are 10 ways to reduce college costs, suggested by a variety of school counselors, financial planners and college-related websites. Some of these college savings tips are for parents, some for students — and some for both.

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