Sticker shock doesn’t even begin to cover it. Today’s college expenses are stretching families across the board—from parents helping fund undergrad to adults returning to school mid-career. If you’re between 35 and 65, chances are you’re either saving for a child’s education or helping someone pay for it… while still trying to fund your own future.
Here’s some ideas on how to take back control.
1. Start with a strategy, not a savings account.
A 529 plan is a powerful tool—but it’s not a plan. The real power lies in knowing how much you can afford to contribute without derailing your retirement goals. A financial plan puts education funding in the right context: apriority, yes, but not the only one.
2. Get brutally realistic about the costs.
Private college? Public university? Trade school? We help families understand the real net costs—after scholarships, aid, and tax credits—so they can avoid over-borrowing. Don’t rely on outdated assumptions. Use data and a long-view lens.
3. Don't sacrifice your financial health.
Many parents want to spare their kids from student debt. But putting your own savings on hold can mean trading today’s stress for tomorrow’s bigger problem. Remember: There are loans for school. There are no loans for retirement.
4. Make it a family conversation.
Talk openly with your kids (or grandkids) about what you can contribute and what the expectations are. It sets boundaries and builds financial literacy—both of which are key lessons no matter where they go to school.
5. Know your funding options.
From tax credits like the American Opportunity Credit to employer tuition assistance, there are more tools than you might think. We’ll help you evaluate the options that fit your situation best.
Let's talk more. Give us a shout & let's start up the conversation today!
Together, we can work to keep you on-track toward your financial goals.
Request a consultation to learn more.
Read more articles by Joseph J Stango