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Paying for College
Plans from ClubMom to Help You to Plan for College. This is one of the few Articles on my site, buildyourownhouse.ca, that I haven't written by myself, but I really like this one, so here it is.
Online Education -- I'm a real fan of Online Education. So many parents are worried about whether their kids will even get into a College or University, so I'm here to let you in on a little secret I hardly ever hear anyone else saying... did you know that you or your child can take a College or University Level Course Online and then Transfer over to a College of their Choice? Yep. You just have to prove yourself in the Course you take (usually 65% or better, depending on the College, and this is not really for Ivy Leaugue Colleges, because they're a whole other kettle of fish... and the marks are closer to 95% through High School, plus a very long list of other Personal Qualities...). Worth a try, right? And this info might let you all sleep a bit better at night, since getting into College and University can be a very stressful process.
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Paying for
College  After
buying a house, paying for a child's college education is the biggest expense
most parents face. Check out this information-packed checklist to figure
out how much it'll cost, where to save depending on your child's age, and
more. Register
with ClubMom to customize this checklist by assigning due dates, adding
new tasks, scheduling email reminders, and more.
Register with ClubMom now to customize this list. Decisions to make early: |
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Decide if you're
saving for public or private college. |
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Get the current
average annual cost of private versus public school. |
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Determine what
college will cost when your child is ready to attend. |
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| Set up a
timeline for saving: |
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Determine how
long you have before you need to shell out cash for tuition. |
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Figure out
how much you have already saved and how much you still need to put away
to meet that objective. |
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If you don't
have one already, establish an investment philosophy and determine a financial
strategy that works for your family. |
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Consider hiring
a professional financial advisor. |
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| When college
is more than 15 years away: |
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Consider opening
an Education IRA. |
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Consider setting
up a custodial account for minors. |
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Think about
investing in aggressive mutual funds. |
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| When college
is ten to fifteen years away: |
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Look into prepaid
tuition plans. |
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Look into state-sponsored
college savings plans. |
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Begin to stabilize
your financial portfolio. |
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| When college
is five to ten years away: |
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Move a portion
of your investments into fixed income or bonds. |
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| When college
is five years or less away: |
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Move your child's
college money into more conservative investments. |
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| When it's
college time--tax breaks: |
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Look into the
Hope Credit. |
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Look into the
Lifetime Learning Credit. |
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The Hope Credit
and The Lifetime Learning Credit are mutually exclusive. Parents must choose
one or the other for each student; they both can't be claimed at the same
time. |
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See if you
qualify to take a tax deduction on the interest paid on your child's student
loan. |
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Consider withdrawing
funds early from your traditional or Roth IRA and taking a penalty waiver. |
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| When it's
college time--parent loan: |
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Look into the
federal Parent Loan for Undergraduate Students (PLUS). |
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| When it's
college time--financial aid: The main types of financial aid are loans, grants and scholarships, and work/study programs. The majority of financial aid comes through the U.S. Department of Education—nearly 70 percent of all money given—mostly in the form of loans. The rest comes from a combination of federal or state grants and programs, from the universities themselves, and from corporations, foundations, professional and service organizations, and community groups. |
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Fill out the
Free Application for Federal Student Aid (FAFSA) form. |
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ClubMom's checklist
Helping Your High Schooler Find the Right College has helpful financial
aid information. |
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| When it's
college time--student loans: |
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If your child
qualifies for a Federal Stafford Loan (which gives students a break on loan
interest payments), factor this into your financial planning. |
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If your child
qualifies for a Perkins Loan, factor this into your financial planning. |
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| When it's
college time--grants and scholarships: |
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If your student
qualifies for a Federal Pell Grant, factor this into your financial planning. |
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If your student
qualifies for a Federal Supplemental Educational Opportunity Grant (FSEOG),
factor this into your financial planning. |
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Look into the
Leveraging Education Assistance Partnership (LEAP) program. |
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Find out about
money available directly from the college and universities to which your
child is applying. |
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Find out about
special interest groups and organizations that supply cash for college. |
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Beware of scholarship
search firms that promise you scholarship money for a fee. |
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| Work/study
programs: |
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If your child
qualifies for a work/study program, factor this into your financial planning. |
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| Alternative
approaches to financial aid: |
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Consider reducing
the cost of college by having your child start out at a community college. |
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Consider having
your child apply for a four-year U.S. Army ROTC scholarship. |
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Moms raise our nation's kids, strengthen our neighborhoods, and drive our economy. ClubMom exists to celebrate and reward moms for doing all this and more.
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