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children in college and even students assets. If a student has assets in his own name he will be expected to contribute 20 of that toward his college expenses according to Bryan. Once students find out what federal monies they are eligible for they need to look at how to fund the rest of their expenses. Bryan suggests several things to consider Parents dont need to foot the whole bill Studies show that students who have been responsible for at least some portion of their own education have higher GPAs on average and higher rates of graduation. Its okay to expect your child to work at least part-time to contribute toward his own educational expenses. Community college is a great place to start The core classes most students will take in their first two years would be about the same whether at a community college or a large university. Community colleges offer significantly lower tuition rates and smaller class sizes and give parents more oversight in helping with their childs transition to complete independence. See our article on Richland Collegiate High School page 23. Dont spend more for an Ivy League education if what your child wants to be doesnt require it Since the financial crisis weve heard of more and more college graduates who have significant debt and yet cant find a job. If your child wants to go into education or public service for example he doesnt need to take on the costs of an expensive private university. If however he wants to go to law school it makes sense to take on the level of debt at a more prestigious university. Apply for everything The application process can take a while but each year a huge amount of scholarship money goes to waste. These days there are all kinds of services and even apps to help students find scholarships for which they qualify. It cant hurt to try. Consider re-taking the ACT or SAT If your child has a good GPA but didnt do quite as well on the standardized tests as he thinks he could have he may be able to boost his chances to qualify for merit-based aid especially through the university if he can boost his scores. See our article on Victory Step Test Prep page 28. Look at your Roth IRAs Your contributions can be withdrawn at any time without tax to apply toward your portion of the tuition bill. Ideally yes you would have started at birth by setting up a 529 plan for your child and saving monthly a little more each year and youd have a substantial sum by the time your child turns eighteen Bryan reiterates. Ultimately however dont let your children think college isnt in their future because theres not enough money. You can definitely work together to make sure their future is all they imagined it to be. goodADVICE ...knowing they are protected for the future. Living Trusts Trust Administration Asset Protection Wills Probate Living Wills Business Representation Free Initial Personal Consultation Night and Weekend Appointments Available LIVE FOR TODAY... 5400 LBJ FREE WAY SUITE 1200 DALL AS TEX AS 75240 972.773.9095 COLINSMITHL AW.CO M