Many of today’s students face a debt crisis because of burdensome student loans. The staggering amount of money they owe as they attempt to enter the workforce can be devastating to their future. Parents as well may find themselves in deep financial trouble when digging their kids out of debt.

Many parents are taking care of their aging parents and their children’s high educational costs at the same time. As a parent, you need to consider helping with your child’s schooling without damaging your own financial security.

Costs for college may involve student loans, parent loans, or parents looking at home equity loans to pay for their kids’ education. Each of these methods could lead to financial complications down the road.

To avoid student loan or other debts for education, there are alternative measures that avoid going broke — for parents and their kids.

• It begins with parents and in childhood. Parents can teach their children about the concept of earning money with allowances for chores, according to Today. The earlier the better, but even teens can learn the pitfalls of spending savings if their parents don’t pitch in to bail them out every time.
• Working through college helps students pay for their college needs. A job along with college can also provide valuable skills needed by employers or even develop a desire for entrepreneurship, notes Robert Farrington in Forbes.
• An early start in high school gets them ahead financially and in their college education. Parents can encourage their children to take classes in high school that qualify for college credits. At this time, students can also try their best in school to obtain grants or scholarships.
• A 529 plan helps families invest for future college costs. Grandparents and other relatives may also contribute to the plan. The plans work like IRA or 401(k) retirement plans with diversified investments, explains Savingforcollege.com.
• Financial aid comes in handy if you are starting late. Need-based financial aid is available for people on average or lower incomes. Parents with two children in college at the same time can qualify at even higher incomes, notes George Schofield in Credit.com. Students may be eligible for grants, scholarships, and loans.
• Low-interest student loans can be arranged between parents and kids. For example, parents can take on part of the monthly payments or pay the interest while the student takes on the responsibility of the principal. This teaches your child discipline in paying back loans and helps build credit history.

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