Retirement & Financial Planning Report

As the cost of higher education soars, parents should consider various strategies to make college affordable:

* Apply to schools at different levels. Your child might request admission at an elite university, at some very good ones, and also at some colleges that accept almost all applicants. The more a school desires a particular student, based on grades and test scores and other factors, the more of a tuition discount it may offer. If your child has multiple acceptances with varying aid offers, you can choose which is the most appealing.

* Don’t rush. Early-decision programs may be worthwhile if you or your student is set on attending a particular college. Otherwise, have your youngster make multiple applications and wait for acceptances to come in. Then you’re likely to have competing offers that you can choose among.

* Load up on college-level courses in high school. If your student can do well in such courses, he or she may enter college with many credits already on the record. Graduating in three years is an automatic 25% cost savings, compared to graduating in four years.

* Finish strong. A degree from a first-rate college will be the key to graduate school and a successful career. One tactic, then, is to have your student spend two years at a less expensive college, do well academically, and then transfer to a prestigious university in order to earn a degree there.