For those who consider themselves middle class, paying for a child’s education has always been a challenge. During times of economic turmoil, the challenges facing middle class parents trying to help their child obtain a college education multiply. President Obama has a task force looking at the issue of college affordability. The first staff report states the issue. White House Staff Report

Since the 1978-79 academic year, the inflation-adjusted value of the average published college tuition has shot up from $2,303 to $6,585 for public four-year colleges and from $9,903 to $25,143 for private four-year colleges. These increases represent annual real growth in college tuition of more than 3% a year for both of these classes of institutions. In other words, over the span of three decades, the real, inflation-adjusted cost of tuition for private four-year colleges has more than doubled. Meanwhile, public four-year institutions, while still much cheaper than private colleges, have nearly tripled in “sticker” price over this period.

Access to higher education by the middle class is seen by the task force as a matter of national importance. A highly educated workforce is a key element in national competitiveness in a global economy and a higher standard of living. The National Center for Public Policy and Higher Education is also alarmed by the affordability issue and they have several reports. College Affordability Reports

The White House staff proposes to address the affordability issue with a combination of loans and grants. Also under consideration is expanding the education opportunity tax break. Additionally, they want colleges to make the loan and financial aid process simpler. Many feel that colleges are not doing enough to keep their costs under control and they want to look at making colleges run more efficiently. Still, policy decisions at the government or college institution level may affect the average family, but each family has to look at what they can do to help their child afford a college education.

Some students at Harvard are looking at sponsors to help them meet college expenses:

Unithrive, which made its debut last month, matches alumni lenders and cash-strapped students, who post photographs and biographical information and can request up to $2,000. The loans are interest-free and payable within five years of graduation.The nonprofit site is the brainchild of three recent Harvard graduates, who hope it can help ease the crisis in paying for college, especially if it is one day rolled out to other colleges that cannot afford to be as generous as their alma mater, which already awards scholarships to all students with demonstrated need. The appeal of direct donor-to-student loans, Unithrive’s founders say, is that alumni will have a personal connection to current students: those requesting loans list hometowns, majors and classes they have taken. Alumni can lend to students with whom they feel a bond. They are promised updates three times a year from students they support — not unlike the letters that sponsors of poor children in Africa receive through the Christian Children’s Fund.

If the school your child will attend has a wealthy alumni base, a program such as “Unithrive,” if it exists, might help. Unithrive Program

Most students will not be going to Harvard or other elite schools. There are some strategies that families can use to afford college. The first principle is that it is never too early to start planning for college. Some states have prepaid college programs. The College Savings Plan Network provides information about various savings plans. College Savings Plan Network If your child or a child you is young and has several years before starting college, a savings plan might be an option. If a family has a child preparing to enter college within three years, they will have to use other strategies. The first thing to do is to familiarize yourself with the financial aid process. The College Board, the group that administers the SAT and ACT, has information on its site for parents and students about the financial aid process. Financial Aid

A good summary of strategies for affording college is offered by Lucy Lazarony:

1. Accelerate college completion to finish early

2. Transfer from a community college or less expensive school to finish at a more prestigious school

3. If you are a star student, go where colleges are recruiting you

4. Go to a tuition free school

5. Get a sponsor

6. Lock-in the price of tuition

7. Pay off loans with a public sector job which has loan forgiveness as part of the compensation

Lazarony gives examples for each of the strategies. Affording College In a challenging economic environment, families may not be able to afford the college of their child’s dreams without a lot of planning. They will be able to manage the dream of a college education by employing a variety of strategies.

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