Planning, Aid Will Help Get Diploma

A few ways single parents can meet college expenses:

Raise family consciousness. Former spouses, even in-laws, should be included in planning.

Encourage cash gifts that will go into a special fund. Remember: Parents and grandparents can contribute monetary gifts tax-free under the Uniform Gift to Minors Act or Uniform Transfer to Minors Act, up to $10,000 per person each year.

Get the kids involved. Younger children should be required to put a portion of their allowances or cash gifts into a college fund. Working teens might contribute part of their paycheck.

Invest appropriately. The younger the child, the more aggressive the strategy.

Seek financial aid. It may be easier for students of single-parent households with limited income to qualify. Among the options: grants, which don’t have to be repaid, subsidized loans, which must be repaid but come with low or no interest, and work-study programs.

Bargain hunt. In-state schools are usually significantly cheaper than public schools out of state and private schools anywhere. Going to a good state school and living at home can save a bundle. Even more economical would be to have a student attend a good two-year community college, then transfer to a four-year school.