As a parent, it’s natural to want to help your child pay for college. However, using your retirement savings to do so can be a costly mistake. According to a survey by Sallie Mae, about 17% of parents have taken money out of their own retirement accounts to help pay for their children’s college expenses.

Exploring Alternative Options

Rather than dipping into your retirement savings, consider exploring other options to make college more affordable for your child. One approach is to encourage your child to attend a public university, which can be significantly cheaper than a private one. The average cost of attendance at a four-year public university is around $27,146 per year, compared to $58,628 at a private university.

Another strategy is to take advantage of free summer classes, which can help your child earn credits and reduce the overall cost of their education. You can also look into grants and scholarships, which can provide significant financial assistance. Additionally, having your child earn college credits while still in high school can help reduce the number of classes they need to take in college, saving you money in the long run.

Planning Ahead

It’s essential to have open and honest conversations with your child about paying for college. Discuss the importance of saving for retirement and how using those funds for college can impact your financial stability. Encourage your child to explore different options, such as attending a community college or taking a gap year to work and save money.

By planning ahead and exploring alternative options, you can help your child pay for college without jeopardizing your own financial future. Remember, it’s crucial to prioritize your retirement savings and avoid using them to pay for your child’s education.

Original reporting: KRDO (Colorado Springs metro) — read the source article.