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Jill On Money: How to pay for college

As college acceptance letters arrive for the Class of 2030, CBS News business analyst Jill Schlesinger reports that total attendance costs have reached record highs, ranging from $30,470 for out-of-state public universities to $65,470 for private institutions.
Families often struggle to distinguish between grants, scholarships, and loans in financial aid packages. Schlesinger advises that families contact financial aid offices directly to clarify exactly what constitutes each type of aid.
Experts recommend utilizing 529 savings plans, which allow funds to grow tax-free and delay milestone milestones like building an emergency fund. Families should not hesitate to ask schools for better financial packages if initial offers fall short.
Students should keep total borrowing below expected first-year earnings to ensure long-term stability. Parents should avoid sacrificing retirement savings to cover tuition, as this creates financial damage to older generations.
A college degree remains a solid long-term financial investment despite rising costs. Students must carefully evaluate debt levels against potential career earnings to ensure the degree remains economically viable.

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