Andy Smith of Investing Sense has some ideas. “If you want to pay for all of your kids college --- God love ya! But you don’t have to!”
He says you should divide paying for college into these 4 funding sources.
1. You
2. Your student
3. Financial Aid
4. Scholarships
Smith encourages your kids to put some skin in the game by applying for those scholarships. “And there’s some serious character building in a summer job and researching the financial aid packages.” He also suggests you look into 529 college savings plans as soon as you can.
Smith sums it up this way, “Save some of that college fund for your own retirement --- and you won't have to live in your college graduates' basement!” Investing Sense is heard Saturdays on KTRH.