How Will We Afford Our Kids’ College When We’re Still Paying Off Our Student Loans?

When I received my acceptance letter from a prestigious private college, my parents beamed with pride. No one from my mother’s family had attended college, and while my father had a degree, he had to work tirelessly to finance it. He wanted to ensure I could participate in extracurricular activities without the burden of a full-time job during school.

My dad worked as a social worker, and my mom spent many years as a stay-at-home parent before eventually becoming a registered nurse. By the time I reached college, their income was just high enough to limit my financial aid, but they hadn’t managed to save anything for tuition. I received a partial scholarship and worked throughout college, but I ultimately racked up significant public and private student loans.

Fast forward twenty years, and I’m still repaying those loans. My husband has his own student debt from completing his degree later on. Now that our eldest child is sixteen, we’re deeply worried about how we’ll support her college aspirations. Ironically, we haven’t been able to save for our kids’ education because we’re still burdened by our own college expenses.

We definitely don’t want our children to repeat my mistakes of borrowing excessively for tuition, room, and board. Yet, we also don’t want to face financial ruin in the process. Many families share our dilemma. The cost of higher education has essentially doubled since my graduation, with no end in sight for rising tuition fees. As incomes grow at a slower pace than college costs, parents everywhere are struggling, even those without the additional weight of student loan repayments.

Reflecting on my experiences has given me insights into how I can help my kids avoid these financial traps. Here are some strategies we’re considering:

1. Taking College Courses in High School

In our state, Washington, there’s a program called Running Start that lets high school juniors and seniors enroll in community college courses for dual credit. By taking a full load, they can potentially graduate high school with a two-year degree, covering only the cost of books and fees. Even if some credits don’t transfer, we could save thousands.

2. Exploring Community Colleges and State Universities

I’ve let go of the romantic idea that only expensive colleges provide quality education. I loved my small private college experience, but I believe my child can receive a robust education at a larger public institution. The value of an education often lies in the effort you invest, and community college can be a financially savvy option. Students can transfer to four-year schools after one or two years, earning the same diploma at a fraction of the cost.

3. Pursuing Specialized Scholarships

While my children aren’t athletes, our daughter has been playing the violin for a decade. We hope her dedication will lead to scholarship opportunities. If a child shows talent in a specific area, it can be beneficial to invest in their development. I once heard that female golfers have great scholarship prospects; with foresight, we might have encouraged our daughter to take up the viola, which is often in higher demand.

4. Considering Study Abroad Programs

Studying abroad is often perceived as an expensive venture, but American students can attend universities in other countries—sometimes at little or no cost. Expanding our horizons could unveil opportunities we never considered.

5. Exploring Alternative Training — or No College at All

We often think a four-year degree is essential, but many lucrative careers don’t require one. If a teenager isn’t sure about their future path, attending college can be an exorbitant way to figure it out. Exploring careers that offer specialized training, apprenticeships, or self-teaching may be wise.

While I wish I could provide my children with every opportunity, their educational choices will ultimately be shaped by our financial reality. Until higher education becomes more affordable and we clear our own debts, creativity is key. By thinking outside the traditional college route and exploring various options together, we hope to spare our kids from a lifetime of financial stress.

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In summary, balancing our student loan repayments with the financial responsibilities of our children’s education requires us to explore various creative solutions. By considering dual credit programs, community college options, scholarships, study abroad, and alternative career paths, we can help our kids navigate their futures while managing our own financial burdens.