Millennials Plan to Pay for Their Kids’ College

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With Millennials really feeling the weight of having major student loans to pay back – probably a bigger college related financial burden than any other generation has had to carry, since the cost of college has inflated so rapidly – they don’t want to pass the same encumbrance on to their children. From a Fox Business article: “First-hand experience with the student loan crisis may be a reason why Millennial parents aim to cover 74% of their children’s college costs. And almost half of them hope to completely foot the bill.” But with 56% of such parents still paying off their own debt (see the same article quoted above for this statistic) they face an uphill battle.

Still, with the proper foresight, planning, and advising, it will be possible for these parents to reach their goals of leaving their children in better financial shape when they graduate from college. The key is to start saving early, which this generation is doing more than any previously. This definitely gives them a leg up, but there is another essential component of successfully getting children through college without facing yet another huge financial hole – knowing the rules of the game. There are many ways to reduce the cost of college that people simply do not know about. In addition to need based aid, parents can look into cash flow strategies, merit-based aid strategies, student positioning strategies, appeal strategies, and countless other possibilities that can make their goals of fully covering the cost of their children’s’ education more attainable.

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