I think that all parents try to protect their children from knowing the reality of their situation and my mother was no different.
My parents divorced when I was quite young; my father was largely absent and rarely paid child support. My mother was pretty much supporting us (me and my brother) on a salary that was less than $20,000 a year. We were living paycheck-to-paycheck, and sometimes she would write checks for food when she didn't really have the money in her account, hoping that the store wouldn't cash it til payday.
To this day, I have no idea how she was able to be so supportive as those college brochures started coming in my junior year of high school.
As one of the top students, I naturally was looking at the top colleges--Ivy League schools, private women's colleges. Basically schools which cost significantly more money than my mother made in a year.
Heck, even the application fees were up there...and I applied to 6 schools!
We went to several "prospective student" meetings for the different colleges and they all told us the same thing:
"Don't worry about how much it costs. Worry about getting in. We'll take care of the rest."
Fortunately, I believed them. And I got lucky.
In the end, my top choice school, Wellesley College accepted me and gave me a pretty decent financial aid package. Actually, it was a better deal to go there than it was to go to a state school that I had been accepted at. But I'll talk more about that later...
The point was that I was able to go to my top college. And I hope that you (or your child) will also be able to go to the school of their choice.

When you or your child is applying to colleges, it can be very scary to think about how you are going to pay for it all. Tuition alone at most schools is over $10,000 and if you are considering well-known private schools...well, let's just say that the cost is more than the average person makes in a year. How on earth are you expected to pay for all of this?
There are actually many different ways to pay for college. In most cases, the financial aid department at your school will help you to find a package that fits best with your needs, but here are some of the ways that you might pay:

1. Savings. Sure, you've got $100,000 saved up right? It seems unlikely for the average person, but some people have high incomes and have been able to plan ahead. If this is the case for you, you may be able to lock in the first year's tuition for all four years.
2. Scholarships. Scholarships aren't just for athletes and the top students. There are scholarships that can fit just about any student's needs. The trouble is that there is often a lot of competition. See the sites listed below which offer scholarship resources. (Or check out my lens on scholarships.)
3. Student loans. Most students do have to take out some student loans at one time or another. The good news is that they are usually at a low interest rate and they are very eager to work with you when you pay them back. If you can't afford the monthly payment, they can often lower it.
3. Grants. Grants are highly coveted because it's money that you don't have to pay it back. One of the best ways to get a grant for college is to receive it directly from the college. Private colleges often have large endowments through which they help students with financial need pay for school.
4. 529 plans. 529 plans are an investment vehicle. It's similar to a 401k, but the money is to be used for educational expenses only. Upromise offers an easy way to save money for college through your every day spending. They invest in a 529 plan.
5. Work-study jobs. Many students who receive financial aid are guaranteed a job on campus. The money that they earn is to help pay for tuition. Working hours are often limited, but the pay is often more than fair.
5. Other part-time jobs.Some students find it more profitable to look for work off-campus. Jobs such as bartending or waiting tables can bring in larger amounts of money through tips.
6. Private loans. When students and parents are not able to pay for college through other means, they may have to take out a private loan. This can be done through their local bank.

These are probably the most common ways to pay for college. If you know of others, please post in the guestbook. I hope to later expand on these ideas.

It's no secret that public universities cost much less than private ones. But are they really a better deal?

In my experience, they are not.

When I applied to colleges, I was accepted at a state school and at a private school. The state school's tuition/room and board totaled about $10,000. The private school's tuition/room and board expenses totaled about $25,000.

Surprisingly, the private school was a better deal. Both schools offered me a package that included student loans, work-study, and a set amount that I was still responsible for paying.

The difference was that the private school had a very large endowment. Because of this, they were able to offer me a huge grant for my education. I had to take out less money in student loans and pay less money up front.

So in actuality, the cheaper college would have cost me more money.

So parents, don't discourage your children from applying to schools that may seem to be out of your price range. They may actually be cheaper in the long run.