A smart parent's guide to saving for a child's college education

Most families struggle to send their kid to a pricey school. But you can prepare.

Mom and daughter.
(Image credit: iStock)

When my daughter was a sophomore in high school, she set her sights on a handful of selective liberal arts colleges around the country. Meanwhile, I furiously read every college finance book I could get my hands on to learn about financial aid. In the end, one of those small colleges worked out: We qualified for need-based aid, and the school offered enough. But financial aid consultants say the biggest mistake families make is engaging in the "pick a college, any college" mindset without understanding how financial aid works or analyzing their own financial profile. So, parents, before your child applies to college, here are a few questions you need to ask yourself.

1. What is your 'expected family contribution' (EFC)?

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Joanna Nesbit

Joanna Nesbit is a freelance writer who likes to write about parenting, education, and what to know about paying for college, but she's also covered aging parents and millennials. Her work has appeared in the Washington Post, Next Avenue, Parents, Parenting, and many more. She lives in the Pacific Northwest with her husband and two nearly grown kids, where she daydreams about travel after the college costs are over. Visit her at www.joannanesbit.com.