Flora L. Williams says that with financial sense, creativity and hard work, a college education is affordable -- even without financial aid.
"Try to save at least half of what you'll need in cash," she says. "Make up the balance with scholarships or grants, or by investing in mutual funds, CDs, stock equities, annuities, bonds or trusts."
If families haven't saved enough, there are other avenues for funds, such as taking out a second mortgage or borrowing against your insurance policy, she says. There also are creative alternatives that are worth looking into, Williams says. "Consider purchasing an apartment or condo near campus," she says. "Let your child live there rent-free in exchange for their service, and charge other students rent. It's tax deductible, and when your child graduates you can sell the property at a profit."
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