“What steps can parents take to help themselves and their children avoid getting caught in the college debt trap?
- Create a budget to track all money coming in and going out of your household. Make savings a prominent and permanent part of it.
- Begin saving for college costs as early as possible through tax-advantaged savings vehicles such as 529 and Coverdell education savings plans.
- Apply for scholarships and grants.
- Consider work-study programs to help offset tuition costs…”
More tips on Forbes’ article: “6 Ways to Save Your Kids From the Rising Cost of Education and Prevent the College Debt Trap.”