Saving a dollar today is better than borrowing one tomorrow – particularly for college. Here are three tips to help you build a nest egg for college. Start today – no matter the age of your child. Families with younger children sometimes fall into the trap of thinking saving for college can be delayed because they have many years to …
College Majors Matter
College majors have a significant impact on the value and potential return of a college degree. It’s important for students to weigh future career goals and interests in addition to the potential future income. New York University identified four important factors to consider when choosing a college major: interests, values, skills and personality. In addition to the advice in this …
Benefits of Working During College
When considering how to pay for college, some students factor in the potential to earn money while in school. In fact, the Financial Aid Award letter, received once admitted to a college or university, includes any work-study or additional aid a student qualifies to earn during the semester. Part-time jobs, either under the work-study program or not, offer valuable opportunities …
Paying for College
With research, early preparation, and discussion with family members, planning to pay for college doesn’t have to be confusing. One key is to be realistic about how much: your family has saved, current income can be contributed from work, is available through private scholarships needs to come from financial aid, and must be borrowed to fill the gap. Minimizing the …
Simultaneously Saving for Retirement and College
Finding a balance between retirement savings and college savings represents a challenge many families experience. If you feel overwhelmed, you’re not alone. The struggle is especially felt when parents consider whether to withdraw from their retirement savings to help pay for their children’s college expenses. Withdrawing from retirement savings or taking a loan against a retirement account reduces your total …
529 Savings Programs Explained
Minimize college borrowing with an active savings plan for your children. Saving a dollar today is better than borrowing one tomorrow. This simple example shows why: Saving: Saving $100 per month with a 4% rate of return compounded annually over 18 years will provide $31,336 to pay for college. Borrowing: At the start of college, let’s assume a student borrows …
Financial Literacy for College Affordability
There’s no doubt that college is expensive. Just ask any parent helping their son or daughter enroll this fall, or even file the FAFSA (Federal Application for Federal Student Aid) in preparation for next year. College affordability is at the heart of the issue, but real potential solutions to the problem can be swept away under the daily soundbites generated …
Consider These Things Before Committing to a College
As college commitment dates approach, there are few important factors high school students and their families should consider before making their final decision and paying the deposit. Academic Fit To get to this point, the college made some favorable impression but now it’s time to dig in a little deeper. This is the time for a revisit, discussion with a …
Plan Ahead To Study Abroad
Study abroad experience in college can be a life changing experience that brings many benefits, including making new friends and seeing new places. It gives you an opportunity to develop skills that look great on a resume, such as cross-cultural communication, independence, flexibility, and foreign language skills. It can be a great experience to live somewhere new and have a …
Federal Work Study Explained
In advance of the academic year, students receive notice of their financial aid awards, which outlines any grants, scholarships and federal loans they qualify for. In addition to these items, qualifying students will be notified of an additional Federal Work Study (“FWS”) Program option. FWS is considered earned aid as students work part-time jobs and is specifically designed to provide …