Money (Photo credit: 401(K) 2012)

So your child is off to university, eager to make his or her mark in the world. After he or she finishes that degree, they're going to be burdened with their new debt load and quite frankly, it will suck.

There are ways you can help them, some financially, some practically.

According to, the average published yearly tuition and fees for post-secondary schools (in-state, out-of-state, public and private) ranges from $2,690 to $28,500. That’s a lot of money and that doesn’t include all costs such as books, housing, commuting costs and even the occasional entertainment cost. Most students and parents can’t afford to pay for their tuition, so let's talk about practical tips that can be used to ensure that your child doesn't graduate with the maximum amount of debt.

1. Start a Savings Plan

If you have young children, consider a 529 plan or a “qualified tuition plan.”  According to the U.S. Securities and Exchange Commission, all fifty states and the District of Columbia sponsor at least one type of 529 plan. There are two types of plans – pre-paid tuition and college savings. (You can read more here and take any questions to a financial advisor).  It’s tax-sheltered so any income, capital gains or dividends are not taxed. It’s a way to save money for your child’s tuition.

2. Apply for Grants and Bursaries

If you already have college-aged children, then it’s too late to start a 529 plan. There are other ways to find some money for school. The best kind of money is the free kind that you don't have to pay back. Consider helping your child apply for bursaries through their university or college. Some of them may only be $100 but that money could cover the cost of a text book and didn't come out of your pocket. Yes, there will be a lot of paperwork.

3. Encourage a Part-Time Job

You might want your child to focus on their studies but a part-time job will help prevent them from graduating with maximum debt. It will also give them money so they can have a drink or order a pizza.

4. Encourage Them to Start a Savings Account