College Planning

Funding a College Education

Funding a College Education

Just remember, Retirement funding is a necessity and a Parent (Grandparent, or anybody else) funded college education is a luxury. Your security in retirement should be your first priority.  There are many routes and ways to fund a higher education.  The sooner you start planning and preparing the better. 


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Other ways to fund a College Education

Other ways to fund a College Education

There are many ways to fund a college education other than Mom and Dad writing a check.  

  • FAFSA-The Free Application for Federal Student Aid (FAFSA) is the single-most important form you need to secure financial aid from the federal government.  
  • Don’t forget about "gift aid"-Grants and scholarships are often called “gift aid” because they are free money – financial aid that doesn’t have to be repaid. College-bound students can learn about grants and scholarships in several ways, but the most-effective strategy starts with contacting the financial aid office at the college or university you plan to attend. Doing your own research can also be an effective strategy, but be careful: scholarship and grant scams are plentiful.

  • Get help from extended family and or contribution from the student.  They can work while they are in school.  Get an outside part time job.  Or work within the school.  Some examples would be to apply for a student researcher position or a resident adviser "RA" at a dorm.
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The Cost of College

The Cost of College

According to educationdata.org the average cost of a 4 year degree in the 2019-2020 school year was $122,000.  This is just an average.  It will vary depending between public and private, in-state and out of state, and if you do a 2 year before you move on to a 4 year.  

Most will talk about how to fund college, but there are ways to try and bring the cost down.  There are many smaller ways to do this.

  • Consider going to a 2 year college or at least taking some of your gen ed classes there if you can.  
  • Concurrent enrollment.  This is like the first option but if you are allowed take some classes at the local community college while you are in high school.
  • Test out of classes.  You can reduce the number of classes you take with Advanced Placement (AP) test scores.  This will allow you to get through college faster.
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