Unfortunately, this is a headwind for your generation. I happen to believe that having kids borrow money to pay for college will eventually make its way into the History Book of Bad Ideas. Not only can you not save for your children's college, many former students can't pay off their debt at all. The default rates are alarming. I would consider finding a political candidate that feels your pain and voting for them. Then maybe by the time your child is going to college, we will have solved this problem. Like it or hate it, the current system isn't working optimally for today's young parents. See my article:
That's the editorial portion, as for practical solutions. I wouldn't worry about it specifically. Try to live as frugally as possible and save what you can in a brokerage account. With a little luck over time you will have saved and grown a nice account you can use to pay for your children's college, that hopefully will be cheaper by then. College cost can't keep growing at five percent over inflation like they have in the past 20 years.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.