The desire for one’s children to go to college is a normal thing for many New York parents. When a couple gets divorced, the potential for a child to get a college education could be at risk unless the costs for this are addressed during the divorce negotiations. Whether a child is five or 15, parents should outline basic provisions and terms for how they will fund a higher education for their child when the time comes.
Forbes explains that parents review a variety of options in their terms, such as preferences for a student to apply only to institutions that are in their home state and that are publicly funded versus privately funded in an effort to keep the costs down. Some families choose to have one parent provide an up-front payment designed to cover their portion of all college costs. This money can be put in a trust fund or other account for safe keeping until it is needed.
CNBC notes that any decisions about how a divorced couple may pay for their child to go to college should consider all of the costs associated with a college education. This means the couple should look beyond just tuition prices. Fees, room and board, books, computers, and more will all be required by a student.
Unless a student goes to school in the area in which the parents live, couples should budget in money for transportation so their child can come home for holidays and during school breaks like spring break or the summer.