University educations keep rising in price.¹ That’s true of public and private colleges. For the top 50 most expensive colleges, costs exceeded $50,000 per year for students and their parents. But don’t worry. There are strategies you can use to try to mitigate these costs.

First, you might consider the “One-Third Model,” which encourages you to view college expenses for your child in three parts—save one-third of the cost, pay for one-third using financial aid or scholarships, and borrow one-third in the form of student loans. That’s simply one option. Every situation will be different, and you’ll need to speak to a professional to find out what strategy is right for you and your family.

You need to find a way to balance other long-term planning needs—like retirement income planning—with things like college education planning. Certainly, education is still a chance for many people to earn better jobs and higher wages, although America is also facing a student debt crisis that has dominated headlines and political debates—overall student loan debt in America is approaching $1.6 trillion dollars and is projected to hit $2 trillion dollars by 2021 and $3 trillion dollars by 2030. That’s assuming that nothing changes, of course, in terms of policy.² 

If you think you want to help your child pay for college, now might be the time to start planning.