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Saving for College
College Savings Options - This section provides valuable information on building college savings. Explore options such as scholarships, custodial accounts and Section 529 plans, and use our calculators to compute repayment plans, required monthly savings and much more.
Articles
- College Funding Options - Using a Uniform Gifts to Minors Act (UGMA) or Uniform Transfer to Minor Act (UTMA) account is an easy and legal way to transfer the ownership of assets to a child.
- Mistake to Avoid - Using the Wrong Investment Strategy for a Child’s College Education Funds - Have a good investment strategy for your child's college funds that maximizes returns.
- Using Retirement Funds to Pay for College - Retirement funds can help fund your child's dream of higher education or your own.
Calculators
- College Savings - Use this calculator to help develop or fine tune your education savings plan.
- Loan Simulator - Loan Simulator is a new tool by department of education to help you make decisions about your student loans.
Financial Tips
- Small Scholarships May be Your Best Bet - At some point it is important to start looking ahead at college scholarships landscape.
- Spending to Save for College - Upromise is a college savings program that partners many of the top retailers in the country that turns your spending into savings.
- Save In Your Name - Not Your Child's - The reality is that more than 60% of today’s college students rely heavily on financial aid.
- Roth IRAs for College Savings - More parents are turning to Roth IRAs as a combined college and retirement savings account.
- Know Your 529 College Savings Plans - Two very different types of savings plans evolved from there one, a 529 college savings plan, and the other, a 529 prepaid tuition plan.
College Financing Options - Discover the best way to pay for college by referring to this section. Subject areas include tax breaks/credits, student loans, scholarships, paying off interest, and filling out financial aid forms.
Articles
- Tax Breaks / Credits Available - Summary of tax breaks relating to college available thanks to the IRS.
- Student Loans - A student loan is a form of financial aid that must be repaid, either with or without interest.
- Scholarships / Grants / Aid, etc - The process of paying for college is a lot easier if you start early. Here are information on different types of sources of funding for college.
Financial Tips
- Pay Student Loan Interest While Still in School - Paying interest on your student loan while still in school can save significant amounts of interest, and possibly leave you with only the principal to repay.
- Don't Wait to File FAFSA - FAFSA allows you to estimate your taxable income.
- Filling Out Financial Aid Forms? Be Very Careful - Take the time to review the FAFSA form very carefully before you submit it.
- Student Credit - On Your Terms - Before your child goes to college, take the time to discuss credit and credit cards in particular.
- Weigh the Costs of Outside Scholarships - Before you accept an outside scholarship, consider the overall effect on your college savings plans and other aid plans.
- What Can You Do if You Can't Pay Your Loans? - If you run into tough financial times, you may qualify for a temporary reprieve on your payments.
Saving on College Expenses - College expenses need not deplete the family savings account! Read here to learn about student budgets, earning a graduate degree at home, community college options, summer classes and more.
Calculators
- Student Budget - This calculator is specifically designed to help students understand their expenses and income while attending a university, college or other full-time educational institution.
Financial Tips
- Earn a Graduate Degree at Home - Accredited online degree programs can help you earn an advanced degree at a lower cost and with a more flexible schedule than traditional programs.
- Cut Costs by Taking Classes Elsewhere - Your college student can complete some or the entire required curriculum at a local community college saving anywhere from a third to half the cost.
- Reduce College Costs - Painlessly - Here are some of the ways you could easily cut your expenses by four figures.
- Lower-Cost Four-Year Degrees - Community college rates are also rising, but the average tuition at a community college is often 50 to 70% less than the tuition at a four-year school.
Planning for Your Kid's College Education - It's never too soon to plan for your children's future. This section offers a wealth of information - including podcasts - on saving early for college, strategies for big families, “big-return” degrees and college transfer programs.
Articles
- Beginning to Think About College for Children - You may want to start thinking about funding your children’s college costs now.
- Mistake to Avoid Delaying Saving for a College Education - Preparing early by savings for your childs college allows for more college choices when they are ready to go to college.
- Strategies for parents with multiple children - If you have multiple children the best way to save for college is to use the 529 Plan.
- Dealing With the Increasing Costs of College - The cost of sending a child to college is increasing and shows very few signs of slowing.
Podcasts
Financial Tips
- College Degrees that Generate the Best ROI - The return on college investment is tempered somewhat as it requires more than double the average cost of a typical bachelor degree.
- Go Where You're Wanted - The more a school “wants” you, the more financial aid they are often willing to offer.
- "Early Decision" Could Backfire - Applying Early Decision can improve your child’s chances of acceptance, however it may also affect the financial aid package you receive.
- Use Kids' Assets First - When paying for college, spending your child’s assets first will enable you to qualify for more financial aid when your expected contribution is assessed.
- From Two-Year to Four-Year - There is a way to earn a degree from a four-year college without attending for four years.