Higher education is not cheap. The costs can include everything from tuition and fees to pizza and sweatshirts. For some parents, a child's education wipes out an entire lifetime of saving. There's not much relief on the horizon. In fact, the costs of higher education have been increasing faster than wages for years, and by now education has a strong lead. What's a parent to do?

Putting Yourself Through College

Students have been putting themselves through college for a long time. Some parents consider it character building, and some parents simply can't afford to pay the costs of higher education. There are living expenses, textbooks, additional fees, and more. If middle-aged parents can't manage the costs, students are even worse off. As a result, many resort to student loans. Some estimates suggest that the average student leaves school with about $20,000 in debt. For many, $20,000 is nothing — they've got a lot more than that to contend with.

It's an Investment

When you look at the big picture, taking out loans might actually be a good idea. If you take the view that higher education is an investment, it is probably money well spent. It is no secret that people's incomes rise along with their level of education. However, that does not mean it makes life easy for anybody. Students are faced with a hefty monthly payment at a time in their careers when they can least afford it.

Look at the bright side. As far as loans go, student loans are probably the most forgiving of all types. They can be structured so that your child has decades to pay them back. In addition, students can postpone or alter their required monthly payments based on hardships they face. In general, student loans are considered good debt, because they are installment loans and they provide a lifetime of value for the student.

If your child must borrow for college, student loans are probably the best choice. These loans have special features. They have flexible repayment options, including the ability to slow down payment during financial hardships. Your child might even be able to spread the repayment period over twenty-five or thirty years, depending on her balance.

Give Good Guidance

If you want to set your kids up for success, you have to give them some guidance. You have been around the block a few more times than they have, so share some of your wisdom with them. Granted, young adults don't always want to listen to their parents, so it is up to you to find a way to communicate with them effectively. Help them understand that the easy money they're borrowing today must be repaid over many years.

Help them keep their debt at a reasonable level, given their future earning potential. If necessary, counsel them to work part time during college to help pay the bills. The pay-as-you-go option is not as much fun, and it might take longer, but the luxury of entering the workforce without student loan payments is priceless.