海角大神

My young son Reece just completed a math lesson at school in which he learned how to count by thousands. The lesson ended when the class got to the millions.聽When I told him that numbers go up to the trillions, he was shocked: 鈥淲ow, that鈥檚 a lot of zeros.鈥�

One of those numbers is the聽$1.2 trillion聽in outstanding聽student loan debt, according to recent data from the Federal Reserve Bank of New York.

And that enormous figure is likely to get much bigger. The Congressional Budget Office estimates that it will double by 2025.聽What鈥檚 more, almost聽12% of current loans聽in the second quarter of 2015 were delinquent or in default for at least 90 days, according to the New York Fed.聽And because half of all loans are in special programs, such as deferment programs that allow students to delay paying off their debt, the percentage of students behind on their payments is likely even higher.

Clearly, families need to develop strategies to pay for college that go beyond relying on student loans. These loans can be an important part of a sound college planning strategy, especially because some loans offer competitive interest rates and others are聽subsidized. But the interest payments on the principal can substantially increase the long-term cost of an education.

Here are some alternative college-funding strategies that every family should explore:

1. Fund a college-savings vehicle.

Funding a college-savings vehicle should be the foundation of your college planning strategy.聽The sooner you establish a plan, the better. Every dollar saved and earning interest is less money borrowed and accruing interest.

Roth IRAs聽offer tremendous flexibility and are a great place to save if you qualify.聽You receive excellent tax benefits and the ability to withdraw your contributions at any time for any reason. Though you will still need to pay taxes, your earnings can also be withdrawn聽penalty-free聽for qualified education expenses.

A聽529 savings聽account, although somewhat less flexible, is specifically designed to save for education expenses. It offers similar tax benefits to a Roth but is easier to qualify for and has higher contribution limits.聽A聽Private College 529 Plan聽could be the best savings vehicle of them all for people set on having their child attend a private institution.

Try to incorporate one of these savings vehicles into your college planning strategy as early as possible.

2. Don鈥檛 limit your college selections.

Doing your research when looking at schools for your children could prove to be the most valuable part of your college plan.聽Most families will just automatically聽exclude higher-priced private colleges, or they鈥檒l fail to explore colleges offering merit aid or skip the schools where they believe their child鈥檚 academic profile might not be the best fit.聽If that鈥檚 you, think twice about those strategies.

Beginning in high school, families should research colleges to determine potential financial aid packages. You shouldn鈥檛 assume their child won鈥檛 fit in academically but look at how he or she compares with other incoming freshmen. Students who fall into the top tier of admissions are more likely to get financial aid and have their needs met with grants and scholarships rather than loans.

Doing some due diligence upfront and being flexible in your college search should pay tremendous dividends.

3. Consider a co-op program for your child.

What if I told you there was a way for students to pay for college that doesn鈥檛 have a negative impact on their financial aid eligibility while gaining valuable work experience? Well, there is! It鈥檚 called cooperative education, also known as a聽co-op program.聽These programs allow students to alternate between semesters of full-time work and full-time study.

If there is one action I regret in college, it was not pursuing a co-op program.聽A friend of mine who participated in a co-op ended up paying for almost half his education through work, graduated debt free and landed a job with an established accounting firm upon graduation.

The vast majority of students are graduating with a lack of real-world experience, limited job prospects and substantial amounts of debt.聽 A co-op program can help address all of those concerns. When your child is applying to colleges, he or she should ask if the schools have co-op programs and what the requirements are to participate.

Key questions

With the cost of college rising at nearly twice the pace of inflation, you need to understand your options and how they fit into your overall college-funding strategy. Ask yourself important questions such as:

• Are there ways to optimize my child鈥檚聽financial aid?
• Are there tax strategies that could help me defray the costs?
• How will my college funding choices affect my own retirement?

We all want the best for our families, but there is no need to mortgage your future 鈥� or your child鈥檚 鈥� to obtain it.聽Be proactive聽and start developing your best college-funding strategy today.

This article first appeared at NerdWallet.