Nov 19, 2016 07:41 AM EST
Planning for College? Here Are 3 Things You Should Consider
College education is costly. Those who want to go to universities or colleges need to prepare for the financial needs that higher education requires. While it might be costly, planning ahead will greatly help in ensuring a student's continued education.
Money Control says that it's always better to have a plan regarding finances. Although there might be some unexpected events that will change certain variables, having a long-term goal will allow one to be flexible, even in money matters.
Are you a parent who wants to help your child get a college education? Or a student who dreams of getting a four-year college degree but worries about the financing needed? Here are some steps that you can take toward college financial planning, according to a KSL article from the Salt Lake Community College.
Research on Saving and Borrowing Options
There are federally subsidized and low-interest loans that can be applied for, but loans aren't the only option - there are 529 savings plans, prepaid tuition plans, and individual retirement accounts (for parents). All these can help fund a college education.
Research on Financial Aid
Students can also apply for college scholarships in the schools they desire to go to. Approach the school's financial aid office and see what scholarships are applicable for you. College-bound students can also apply for FAFSA, if needed.
Look for Other Ways to Lower Tuition Fees
Community colleges are also good choices for students who desire a college education but cannot afford it yet. These schools offer affordable education that can be taken at a student's own pace. Not only that, certain credits can be transferred to a four-year college if a student should desire to proceed in the long run.
Certain companies and institutions can also help in paying for a college education. Certain companies help their employees get better education because they know that they will get a better, more skillful employee in return.
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