Sunday Scholarships: Don't let college cost your home

Don't let college cost your home

Article by Suze Orman in Detroit Free Press

Suze Orman provides advice to parents facing the financial burdens of college tuition. Before losing your home, make sure you follow Orman’s key advice:

1.    1.  Make sure your kids max out on student aid (Remember that as parents you don’t need to cover 100% of the costs. Let your children pay for a percentage as well. It will prepare them for the “real world.”)

2.     2. Shop for scholarships (Yes. Yes. Yes. Do your research! Other people will not walk you by the hand through the process. You need to determine exactly where money is available.)

3.     3. Consider a less expensive route. (Public universities are great options. You shouldn’t focus only on private universities.)

4.     4. Start a 529 savings plan. (Build a college fund early—you won’t regret it!)

5.     5. Don’t stop thinking about tomorrow. (Think about the effects! Be prepared.)

6.     6. Anticipate

7.     7. Address (Face what is putting you in a bind—don’t ignore. Determine the problem and face it head on. And then you will be more likely to create a plan to help solve these issues—ignoring them won’t get you anywhere.)

8.     8. Adjust (Remember that life is never perfect and don’t strive for it to be. Adjust to reality and realize that it’s okay if things are different.

  Another issue briefly addressed in this article is the guilt that parents feel. Guilty for not being able to pay 100%, placing further financial constraints on the family, and asking the cancer survivor to look for colleges that are cheaper than others (etc..). There are so many factors that contribute to the guilt that parents feel (all parents I think).

What are your thoughts on this topic? Would love to hear!

Coming Next Week: A Free Workshop on the Scholarship Application Process