College education is no small matter or expense, especially a program of four years or more. This is truly a matter to discuss with your family. It is never too soon to sit down and outline a "survival plan." Questions to discuss include:

• What can our family afford to contribute, short- and long-term?
• What can my student contribute - current savings or work income?
• Has my student really looked for scholarships? This is an excellent summer project prior to the senior year in high school. There are many scholarships that are not academically oriented. Some are based on extra-curricular activities and other interests. Use the scholarship links to help start the search.
• Does my student's intended school offer work-study? Can he or she work 10-15 hours per week? Studies indicate that students who work actually perform better academically. Find your school online through the college search engine.
• If borrowing is necessary, how much should we borrow? Use the financial aid calculators to estimate your future expenses and loan payments. Take into account the projected earnings of your student's chosen profession.

The answers to these and related questions can help provide a financial roadmap that will help your family achieve success - in school and beyond. Don't forget - that roadmap probably needs to be revisited from time-to-time!

The longer your family can put off borrowing, the less there will be to repay. Before borrowing, consider how much to borrow, when and if it's necessary. Loans ultimately must be repaid. When loan payments are spread over a number of years, borrowers may pay double the amount borrowed. Borrow only what you need. Borrowers who take out extra loans to buy luxury items pay significantly for those non-essentials in interest costs and unnecessary debt.