There are many ways to fund a college education. Loans, scholarships, working between classes and saving during high school are some of the ways students can afford college.
There's also another reliable way to pay for it — hit up your parents.
The average cost for an in-state public college for the 2015-16 academic year averaged $24,061, and was $47,831 at private colleges, according to a survey by College Data.
Graduates may eventually cover those expenses with future earnings, but that's years after leaving college and doesn't help at all before starting school.
For parents who are generous enough to pay for some or all of their children's college education, it can require some sacrifices. And I'm not just talking about taking out a loan, dipping into a retirement account or taking out some equity in your home.
Some families have to make life changes to be able to afford college. These can go well beyond stopping smoking or not going out for coffee every weekday. Getting rid of your vices makes sense for more than monetary reasons, but some pleasures in life are worth keeping, even if your kid has to get a college loan or two.
Liberty Bank of Chicago recently put together a graphic (at the bottom of this post) that lists simple vices that can be cut to help struggling families save for college. The bank based the total savings amount for each item on putting the money in a savings account for 18 years that earned 3 percent interest.
It's interesting to see how much can be saved by not doing something for 18 years — all of your child's life. ...continue reading