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PERSONAL FINANCE
Here are five surefire ways parents can reduce their children's rising college expenses
BRENDA AND MIKE LIPSCOMB RELOCATED FROM New Jersey to Maryland in 2007 for better employment opportunities. In 2008, the couple moved again, this time to northern Virginia for better post-high school educational opportunities for their sons, Michael, 16, and Miles, 12.
"We moved to Virginia primarily because our oldest son wants to attend Virginia Tech. He has his heart set on that school," says Mike, a plant manager at Science Applications International Corporation (SAIQ in Sterling, Virginia. Brenda, a sales manager for Daiichi Sankyo Co. Ltd., adds, "When we were looking at living in Maryland and Virginia, Maryland didn't have a lot of options. Virginia has so many schools."
At today's tuition rate, the couple figures they'll need $80,000 to pay for a four-year public education. The total cost for one year for in-state students is estimated at $17,365 compared with $31,336 for out-of-state students.
The Lipscombs have been aggressively saving since Michael was in third grade, initially investing in a mutual fund set up as a custodial accounL When he was in the sixth grade, they opened a 5 29 college savings account contributing $250 each month. Miles also hasa 529 plan thatthe couple contributes $100 to each month.
"I have told both of my sons that there is no free ride," says Mike. "I call...