The following are some ideas and tips to help you make college a reality for your children. Whatever their ages, if you want to ensure your kids receive a quality education, consider the following options.
1. State Sponsored 529 Plans:
This is a profitable scenario if your kids are still quite young. With these plans, not only can you save for college, you can also gain tax breaks as well as receive investment earning that are tax-free.
2. Monthly Savings Plans:
Any amount you save will be helpful. Try to get in the habit a setting aside a set amount each month into a college savings plan, whether it be a 529 or something completely different. What is important is the discipline, because even a small amount saved is better than none.
3. Financial Aid
Even if you think you may not qualify, look into applying for financial aid. With so many programs available, from loans to straight assistance, there are many options for financial help. At the very least, you may discover some loans with low interest rates or grant opportunities.
4. Borrowing
While this isn’t ideal, it is an option. With rising home prices and reasonable interest rates, a home equity loan or line of credit is one option to consider.
5. Classes before College
Any college level classes your kids can take before they attend will cut costs. As these classes give them college credits which can help them jump into finishing college sooner. Good examples are advanced-placement courses or supplementary community college classes.
6. Scholarships
You don’t have to be the next Michael Jordan to earn a college scholarship. Often these are available from organizations you might already associate with. Rotary clubs, business associations, and other professional organizations may have programs to help.
7. Community College
Consider the local Community College as a financial stepping stone. Not only will it help you prove yourself in a college application, but they offer significant tuition savings.
Related Articles:
*What You Need to Know about 529 College Service Plans