College Planning & Saving

With the cost of a four-year college education already exceeding $4,000 per year at a public college and $18,000 at a private university, parents and students are facing a complex multitude of options that each carry a number of tough choices about how to pay for higher education.

Who qualifies for financial aid? What are the best student loans available? How likely is an academic or athletic scholarship? What kinds of college savings plans are out there? How much do I need to save to pay for college in five years, or in ten years or in 18 years?

The good news is that there are a lot of resources available online and elsewhere to help sort it all out (see links below).

The most important thing is to research thoroughly before making any decision. Consulting your financial advisor is a must. If you don’t have one it is easy enough to find one without paying any money up front. Talking with friends, family and colleagues will also help guide your decision-making process.

In the meantime, check out the links below...including the College Calculator...to get a clearer picture of what the costs really are and how you can prepare to give your child a higher education without taking away your retirement.

College Cost Calculator
http://www.theoldschool.org/calcs/cost_calc.asp

College Cost Central
http://edworkforce.house.gov/issues/108th/
education/highereducation/collegecostcentral.htm

Credit Card Rewards for College
http://www.familyresource.com/finance/14/807/

529 College Savings Plans
http://www.collegeboard.com/article/0,3868,6-29-0-8849,00.html

US News & World Report: Colleges
http://www.usnews.com/usnews/edu/college/cohome.htm

Financial Aid
http://www.finaid.org/