How to fund college if you didn’t save enough

If college tuition bills are looming and you don’t have nearly enough saved, you have plenty of company. But you also have options for making it more affordable.

Four out of 10 families who hope to send kids to college aren’t saving for that goal, according to student loan company Sallie Mae. Among those who are, parents of children aged 13 to 17 have saved an average of $22,985.

That’s not enough to pay for the typical college education out of pocket. The net average cost for a year of college, after scholarships and grants were deducted, was $15,367 in 2017, according to Sallie Mae. That means a four-year degree is likely to cost over $60,000. The expense can, of course, be much higher since many elite schools now charge $70,000 a year or more.

In my latest for the Associated Press, steps to take now to secure an affordable education — and avoid crushing debt.