49. Save $50,000 (per child) Have children attend public college first - reduce costs for saving for children college, university or while they are studying
This article describes ways for you to save money on college or university.
You can have your children go to public college or community college the first 3 years, then the last 2 years to private college if you think that is worthwhile the cost. You will save the first 3 years $10-20,000 per year in college costs per student.
For students, stay in relatives house. No rent to pay. It is quite a pain though.
Have children get a loan for college or university themselves and be the guarantee of the loan rather than providing the full cost of college or university yourself, thus, the children pay back the loan themselves, rather than ask parents to pay for their studies, they can later also refinance over a longer time, like 5 to 10 years, thus when they find work to pay for their studies themselves.
Attend college online.
Have children move out of state where college and university per child is half the price, like they stay with other family members.
Convince (grand)parents to help pay off the student loans of your children, like $300-500 per month, saves on your household budget and gives you a good reason to convince your (grand)parents to already invest some of the potential inheritance to you upfront with the purpose of helping your children go through college or university.
Meanwhile, you are the loan guarantee of the student loans so you dont have to save that much as household budget for your children college or university.
They can also go to public college instead of private.
As well, your children can refinance the 5-year student loans for another 5 years later on, thus extending the loans. Look for student grants/subsidies/loans on the internet.
