Show Ask the experts Three Washington-area Washington experts answer the question What's the best way to pay for college haven't got much money socked away Ric Edelman is chairman of Edelman Financial Services in Fairfax Va I regret there are no secrets for those who failed to plan ahead If you haven't saved enough to pay for college prepare to incur debt The Stafford federal loan and other programs are available check with the schools school's financial aid office but you may also be forced to borrow against home equity if you have any You can minimize the debt by minimizing the expense Attend an state in-state school to keep tuition on low live at home to avoid the cost of room and board work part time to raise cash or attend school part time while working full time ideally for an employer that offers a tuition reimbursement plan You should also consider community college for the first two years It will save a huge amount of money and you can later transfer to an state in-state school to complete your degree without any career risk employers tend to ask only where you obtained your degree Steven is principal of Financial Planning in Silver Spring Md F First and nd foremost d t W your retirement funds to pay pay for your kids kid's college Your children may end up with a great job and you end up spending your golden years punching a time clock If you do have adequate cash flow and you can forgo a few trips to your favorite restaurant you may be able to fund the education right out of your paycheck While this may work for some applying for educational loans or and/or grant and scholarship programs will be better for others And getting free money or money at a low cost has great appeal Do not forget that your kids can get a job Working on or off campus may pay for a s significant portion of the cost As a last resort borrowing from home equity can be a timely alternative Keep in mind that there are many great schools Kelly Campbell is president and chief executive of Campbell Wealth Management in Fairfax Va Set realistic expectations and keep the decision on how to pay for childrens children's college educations within the entire context of a TUition Continued on Experts on Tuition Continued from A Al 1 I family's financial situation along with cash flow home affordability saving for retirement and other goals Work iA re your your- high h schools school's guidance department to apply for federal needs-based needs financial aid Private organizations and foundations state and local governments and the colleges themselves are I additional sources of needs- needs and based achievement-based financial aid For it do-it- looking to pay for college org is a great resource I Have the students live at home and attend a public college community omm n college ty-college college for for forthe the first two years th then n transfer transfer- school school- to complete their education and obtain their degree This is especially good for the student who may not yet know what field of study interests them |