This article, originally published by Business Insider, tells the story of Julie Beckham, the assistant vice president of financial education and development at Rockland Trust Bank. Julie shares her insights on how to manage the rising costs of college education in today's economic landscape. This narrative has been edited for clarity and conciseness.

Growing up in a middle-class family, Julie Beckham attributes her ability to attend New York University (NYU) in the 1990s to her parents financial support. Although NYU was expensive, it was within reach for her family, thanks to their sacrifices and planning. Fast forward to today, Julie finds herself in a different financial reality as she prepares for her two children to head off to college. With her children now aged 18 and 21, she realizes that the escalating costs of college have made it impossible for her to cover tuition completely, an issue that many families face in the current economic climate.

Recognizing this challenge, Julie has taken proactive steps by engaging her children in discussions about financing their education since the start of their high school years. Here are some of the thoughtful strategies they have developed together to tackle the high costs of college.

Opt for More Affordable Educational Institutions

One of Julie's critical pieces of advice is to consider schools that may not have the same level of fame and prestige but offer a more affordable tuition while still providing a solid education. She emphasizes that students should be encouraged to look beyond the allure of name-brand colleges, which often dominate marketing efforts. To help her kids understand this, she asks them what aspects they admire about well-known schools and then identifies cheaper alternatives that offer similar experiences. For example, while Boston College is a local favorite due to its vibrant football culture, Julie highlights that similar spirit can be found in less expensive institutions.

Julie advocates for exploring lesser-known colleges which, despite their lower profiles, can often provide generous financial aid and allow students to distinguish themselves academically. This approach not only makes education more affordable but also opens doors to unique opportunities.

Communicate Financial Boundaries

As her children approached the college selection phase, Julie and her husband made it a priority to discuss their financial limitations openly. They established a clear budget for what they could contribute to their children's education, and their kids were expected to cover any remaining expenses. Julie stresses the importance of transparency regarding finances. By being candid about what they can afford, students can make informed decisions about whether to take on student loans to bridge any gaps in funding.

Let Go of Financial Guilt

Julie admits to feeling guilty at times for not being able to pay for her children's entire education. However, she emphasizes the need for parents to accept their financial realities. Although her expertise lies in financial education, her ability to save for college was limited until her children were teenagers. When she began saving, she adopted a straightforward approach: transferring a small portion of her paycheck into a savings account specifically earmarked for college expenses. This account was simple and not part of a complex savings plan, yet it represented a vital step toward funding their education.

She encourages parents to recognize that they are often doing their best, and that its important to forgive themselves for any perceived shortcomings.

Research Grants and Scholarships

While small grants and scholarships may appear to be insignificant compared to the overall cost of college, Julie insists they can accumulate and make a substantial difference. She advises parents to assist their children in identifying and applying for these opportunities. For instance, a $500 scholarship can cover the cost of textbooks, which can be a significant relief for a family. Julie took the initiative to research available grants and reminded her children of deadlines and application requirements, motivating them to complete their applications even when they found the process tedious.

Negotiate Financial Aid Packages

Once families apply to colleges and receive financial aid offers, there can often be considerable variation in the financial aid amounts granted by different institutions. Julie suggests that parents should not hesitate to appeal for more financial aid if they notice discrepancies. She shares her experiences of reaching out to financial aid offices, where she was met with varying responsessome were inflexible, while others were open to negotiation. Julies advice is simple: it never hurts to ask for a review of the financial aid package.

Consider Accelerating College Graduation

Another valuable strategy highlighted by Julie is the option for students to graduate early, as her son is poised to do by completing his degree a year ahead of schedule. This not only saves significant tuition costs but also allows graduates to enter the workforce sooner. Julie explains that her son was able to achieve this by taking advanced placement classes in high school and earning extra credits during his college education. Although the additional coursework required hard work, the financial benefits are undeniable.

As Julie reflects on her family's college journey, she acknowledges the emotional weight that the college decision carries for both parents and students. However, she reminds everyone that while this phase is important, it is merely one of many steps in their lives. The choices made daily will ultimately have the most profound impact on their futures.