College Savings Tips for Parents Starting Late

It seems that whenever I'm out speaking about saving for college, I hear parent after discouraged parent tell me that their child is in their teens and that they feel like it is too late to start saving for college.

Of course, considering the overwhelming cost of college, nothing could be further from the truth. Even saving a small amount for a year or two can pay for a semester of tuition or a couple years of books. That ultimately equals less money out of pocket during college and lower student loan balances at graduation.

Here are the top five (of many) tips I offer to parents getting a late start:

1. Consider prepaid tuition plans
2. Ask for Section 529 gifts
3. Sign up for UPromise
4. Re-evaluate your whole life insurance policy
5. Consider two years of community college

To understand the rationale behind these tips, check out my full-length article on the same topic.