There isn’t any definitive answer to how much parents should contribute toward the cost of college. Some feel it’s the parent’s responsibility to pay for the entire cost. Others feel that the student should participate financially. And still, others believe the student is responsible for securing the loans, grants, and scholarships themselves and the parents should not invest. Of course, there are always those situations when the parents, no matter how much they would like to help, are unable financially to contribute.

No matter which group you fall into, there are some important facts you should know about financing your student’s college education.

Parents paying the entire cost

If you feel obligated or just want to pay for the entire cost of college, there are some options you can take and some important things to consider:

• Don’t dip into your retirement—it’s not worth the cost benefit in the long run.
• You can consider a Parent Plus Loan if you don’t have time to save, but remember these loans have to be paid back and will not be considered in a bankruptcy.
• If you have time, start socking the money away –every little bit helps!
• Complete the FAFSA because you might qualify for aid and colleges use this to determine eligibility.
• Many colleges offer a monthly payment plan to help parents spread out the tuition payments—check with the college itself.

Sharing the cost

Personally, I think if a student is invested in their education financially, they will be more likely to take it seriously. Here are a few ways the student can contribute:

• Participate in a Federal Work Study program which allows the student to apply the money earned toward tuition.
• Get a summer job and use the money to pay for expenses throughout the year.
• Apply for scholarships and federal grants (the FAFSA is a must file for every family!)
• Consider attending a community college for the first two years—tuition is much less expensive. and your student can get the prerequisites out of the way before transferring to a 4-year college.
• Take dual-credit and/or AP classes during high school thereby entering college with credits and saving money on those courses that you have completed.

 Student paying the entire cost

This is a tough pill to swallow, but in many families, it’s the only option. If your student is placed in this situation, I recommend these strategies:

• Apply for every scholarship you qualify for and take the time to research them during the summers.
• Follow the above suggestions about community college, dual credit courses and AP classes.
• Work as hard as you can during the summers and breaks during high school and save every penny to pay for your education.
• If you must borrow, investigate the payback amounts and make sure your expected income will allow you to pay the loans back after graduation. This site explains how government student loans work and will help you calculate repayment :  Federal Student Aid.

If you’re creative, logical and determined, your student should be able to attend college