海角大神

By听Brett Tushingham

Learn more about Brett听on NerdWallet鈥檚听Ask An Advisor.

Student loans should be the听last听alternative for any college-planning strategy.听Unfortunately, it鈥檚 where many听families start.

According to the Institute for College Access and Success, about听70% of graduating seniors in 2014 had student loan debt, with an average of听$28,950 per student.

The good news is that a bit of planning can help reduce the need to rely on student loans. With online resources or by working with someone who specializes in college planning, you can develop a comprehensive planning strategy that will help your child obtain a degree without breaking the bank.

Your strategy should start with choosing the right college based on the school鈥檚 cultural and financial fit for your child.

Culture

Where your child will fit in best and be most successful could be the most important part of your college plan.

Ask these questions before addressing the financial matters:

• Will your child thrive in a competitive environment?
• Does your child want to be close to home?
• Does the school offer a major conducive to your child鈥檚 strengths?

After all, what good is it if your child gets accepted and drops out after two years or takes six years to graduate?听Your child鈥檚 goal should not simply be to gain admission, but to thrive, grow and graduate ready to succeed in the next chapter of life.

As part of my family鈥檚听college-planning听process, we will consider working with admission experts when necessary.听Their experience with the admissions process and insights into campus life at hundreds of colleges can prove invaluable for some families.听For the do-it-yourselfers,听the听Fiske听Guide听offers self-examination quizzes to help guide you in the right direction.听Whatever you choose to do, incorporate the culture of the school and the personality of your child in the decision-making process.

Financial aid

College selection and affordability go hand in hand.听Every school will view your student 鈥斕齛nd your family鈥檚 finances 鈥斕齞ifferently, so it鈥檚 important to do your research and try to gauge how those factors will impact听financial aid听eligibility.

Each school has a choice of what aid methodology they use when determining your child鈥檚听expected family contribution听(EFC), the minimum amount a school will expect you to contribute toward your child鈥檚 education each year.听The cost of attendance less your EFC will produce your child鈥檚 eligibility for need-based aid. But the same reported assets and income can produce dramatically different听EFCs听depending on what school your child applies to.

You need to know beforehand what application each school uses, how they will view your assets and income for financial aid purposes, and how desirable a candidate your child is from an admissions perspective.听Websites such as听College Data听will help you determine your expected out-of-pocket costs at most schools and how your child鈥檚 academic profile compares with听the student body. If your child is a good candidate for admission, the school will be more likely to meet a higher percentage of his or her need-based aid eligibility with grants and听scholarships.

Future earnings

So much focus is placed on getting into college and very little on life after college.听But college selection should help position your child for success after graduation, not burden your student with unmanageable debt.

College is an听investment,听and the cost you pay for admission should result in a future income stream that far outweighs the expense of any student loan debt.听The break-even point can vary greatly depending on what your child wants to study or what career he or she may want to pursue and, of course, which school your student decides to attend. Eliminating or reducing the amount of debt your student needs to take on can help tip the balance in his or her favor for years to come. In fact, a recent study showed that student loan debt of $30,000 could听reduce a person鈥檚 401(k) balance by over听$325,000听by retirement.

If your child is uncertain of his or her career goals, which is completely reasonable at age 18, then it may be smart to consider taking a听gap year听to figure things out.听Ultimately your child might even decide to take the entrepreneur route and start a business.听And at the very least, a little research and self-examination should prove helpful.

Explore your options

My oldest son, Reece, is already talking about attending Notre Dame and Duke. I鈥檇 love to help him make听that a reality.听However, the last thing I want to do is saddle him with enormous student loan debt or spend down my retirement assets to make it happen.

I plan on exploring a broad range of colleges to determine which ones offer him the best fit from a cultural, financial aid and future employment perspective.听Doing the same with your children could be the best investment you ever make.

Brett Tushingham听is a financial advisor and the founder of听Tushingham Wealth Strategies听in Wilmington, North Carolina.

This article also appears on听Nasdaq.

This article originally appeared on NerdWallet.