How to pay for college has always been a major concern for prospective students and their families, and even more during times of economic stress. As educational costs keep rising, the question remains, how can higher education remain affordable? The key lies in careful planning, saving and creativity.

Saving for college is an important part of the process of preparation and both parents and children can contribute to this step. Grants, scholarships, work-study programs and loans are also available to help with the costs.

Planning should begin early, when parents are only dreaming about their children’s futures. A college savings calculator is a very helpful tool to begin saving for college. The college savings calculator takes into account the amount of savings already in existence, the expected amount of yearly interest earned, the inflation rate of college education, and the monthly contribution planned. This provides an idea of what is needed, even if savings will only partially cover part of the educational costs. As children grow into adolescents and get jobs, they too can help with saving for their own education.

When the time is nearer, research into grants and scholarships can begin. It is better to begin looking into these opportunities early, perhaps as early as eighth or ninth grade, so that the different requirements for these programs are known and preparation for applying can begin. There are grants and scholarships available for a variety of reasons, from background to interests to academic achievement to financial need.

Many colleges offer work-study programs as part of their financial packages and these can help with offsetting the costs involved. There are many benefits to these programs since the student is not only working to make money, but can many times also gain experience valuable to their chosen field and learn to network through them. Many work-study positions are available outside of the actual school, in organizations that will help the student grow as they work. Again, research is important when looking at these programs.

Finally, loans are another option available to pay for educational costs. There are many types of loans available and families need to look into the different options. What is important to know is that a student loan makes an education available and affordable, providing peace of mind during the college years and beyond. Once a student leaves school or graduates, there are many different repayment plans and options available to fit different budgets and life situations.

If planned right, a financial package includes all of the above and makes getting a degree a true possibility for everyone.