Traditionally, everyone knew they were supposed to sock away 10 to 20 percent of their income, part of which went into college savings for the kids. Some teens even worked and contributed to their own college savings accounts, but in general it was expected that middle class families would pay for their kids’ college tuition costs.

It’s a very different picture these days. Most middle class families are strapped tighter than ever, and don’t have any extra to spare for their kids’ college funds. Many teens find out when they graduate from high school that neither they nor their parents have any savings to spend on college — and since college is a pretty hefty expense, these kids typically can’t attend, at least not without incurring ridiculous amounts of debt in student loans before they are even out in the real world.

Sometimes a college student can get some “free money” from sources such as scholarships and grants. Some students even manage to cover quite a bit of their tuition this way. However, it takes a lot of research, planning, and applying in order for this to happen.

In general, you should assume that most of the cost of college will be your responsibility to come up with, and set out to decrease the cost of college as much as possible. You can easily do this if you know about what tax breaks, financial aid, and other things you can use to your advantage, or if you consult an expert who can advise you in these things. Just because your parents can’t afford to send you to college doesn’t mean you can’t go!

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