Navigating College Costs While Still Paying Off Our Own Student Loans

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When I received my acceptance letter from a prestigious private college, my parents beamed with pride. My mom’s family hadn’t had a college graduate before, and though my dad had a degree, he had to hustle to cover his expenses. He didn’t want me to juggle a full-time job with school, missing out on all the fun extracurriculars.

My dad was a social worker, and my mom was a stay-at-home mom for most of my childhood. Eventually, she trained to become a registered nurse, and by the time I headed off to college, they found themselves in an awkward financial situation: too much income for significant financial aid but not enough saved for my education.

I received a partial scholarship and worked part-time, but the bulk of my college expenses was covered by student loans—public and private—amounting to a staggering amount. Fast forward twenty years, and I’m still chipping away at that debt. Now, my husband and I are also managing his loans from when he returned to school to complete his degree.

With our eldest child now sixteen, we’re in a bit of a pickle, wondering how we’ll support her college aspirations while still handling our own educational debt. Ironically, we haven’t been able to set aside money for her college fund because we’re still focused on paying off our own student loans. We want to steer her clear of the borrowing mess I fell into, but we also don’t want to go broke in the process.

And guess what? We’re not the only ones feeling this pressure. College costs have skyrocketed, nearly doubling for both public and private universities since my graduation, with no sign of slowing down. With wages lagging behind tuition hikes, many parents are struggling to afford higher education, even those not grappling with their own student loan payments.

Strategies to Help My Kids Avoid Financial Pitfalls

Here’s where my hindsight comes in handy. I’ve spotted some strategies to help my kids avoid the financial pitfalls of college. Here are a few options we’re considering:

1. High School College Courses
   In Washington, there’s a gem of a program called Running Start. This allows high school juniors and seniors to take community college classes for dual credit. If they load up on courses, they can graduate high school with a two-year degree! All we have to cover are books and fees. Even if some credits don’t transfer to a four-year university, we’re still saving a ton of cash.
2. Community Colleges and State Universities
   I’ve tossed aside any romantic notions about fancy colleges. I loved my small private college experience, but I know my child can receive a quality education at a public university, too. Education is what you make of it! Plus, starting at a community college before transferring to a four-year institution can save a boatload of money.
3. Scholarships for Specialized Skills
   While sports haven’t been our kids’ forte, our daughter has been playing the violin for a decade. We’re hoping her dedication and skills will snag her some scholarships. If a child shows promise in a particular area, cultivating that talent can pay off. A friend once joked that playing golf is a golden ticket for scholarships for girls—who knew? If we’d planned ahead, we might have nudged her toward the viola, which is often harder to fill in orchestras.
4. Studying Abroad
   Studying abroad often gets a bad rap for being pricey. However, many international students come to the U.S. to study, and American students can also attend universities in other countries—sometimes at little to no cost. Expanding our horizons could unveil opportunities we hadn’t even considered.
5. Exploring Alternative Training — or No College
   We often think a four-year degree is the only path, but there are plenty of lucrative jobs that don’t require one. If a teenager is unsure about their future, college could be an expensive way to “figure it out.” Investigating careers that need specialized training, apprenticeships, or even self-teaching might be a smarter route.

As much as I wish I could offer my child every opportunity, the reality is her educational choices will be shaped by our financial limitations. Until higher education becomes more accessible in America, and we finish paying off our own education, we need to think creatively. Exploring diverse options with an open mind could help spare our kids a lifetime of financial burdens.

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Summary

As we face the challenge of funding our children’s college education while still managing our own student loan debt, it’s crucial to explore creative options. From high school college courses and community colleges to scholarships and alternative training paths, we can help our kids avoid the financial pitfalls I experienced. With careful planning and an open mind, we can set them up for success without breaking the bank.