Thinking about the cost of your child’s education can be overwhelming. We can help create a comprehensive plan that matches your goals and budget.
There’s no denying the benefits of a college education: the ability to compete in today’s competitive job market, increased earning power, and expanded horizons. But these advantages come at a price–college is expensive. And yet, year after year, thousands of students graduate from college. So, how do they do it?
Many families finance a college education with help from student loans and other types of financial aid such as grants and work-study, private loans, current income, financial gifts, and other creative cost-cutting measures. Most financial aid is based on need, which the federal government and colleges determine primarily by your income, but also by your assets and personal information reported on your aid applications. In recent years, merit aid has been making a comeback, so this can be good news if your child has a special talent or skill.
Although it can certainly help cover college costs, student loans make up the largest percentage of the typical aid package. Generally, plan on financial aid covering the following percentage of expenses: loans–up to 50%, grants and scholarships–up to 15%, work-study–varies. The lesson: the more you focus on your savings now, the less you may need to worry about later.
Click below to learn more about plans available to save for college and decide which works for your family.
College Savings Options: