It’s Never Too Early To Save for College
For the majority of Americans, who don’t have tens of thousands of dollars lying around, putting together a plan to finance higher education may seem like a daunting task.
However , it doesn’t have to be, says Lorna Hill, regional marketing supervisor of American Education Services.
slope advises parents and college students to do their homework plus meet with a financial aid expert to map out a plan.
“Oftentimes when families are worried these people haven’t saved enough, they are embarrassed about speaking to somebody about it, ” she stated. “It should never be this way. the majority of families are simply not aware of the options that are out there, which is why it is so important to meet with a financial professional to talk about their scenario, whatever it may be. ”
One of the first steps for any student looking for financial aid through a federal system is to complete the totally free Application for Federal college student Aid (FAFSA), available online in www.fafsa. ed. gov and in high school guidance offices. Using the information provided in the FAFSA, the Department of schooling determines a student’s membership for federal funds, after that notifies the student of his or her status with the Student help Report.
Federal aid can come in many forms, including the Pell Grant, which is the largest federal grant program. Almost 4 mil students received Pell grants or loans in 2003. Loans, scholarship grants and work-study programs are some other available aid sources.
“The breadth of help options available can be a bit mind-boggling, which is why I encourage family members to do some research, figure out exactly how much cash will be needed over the course of the particular student’s education and then begin exploring the options, ” slope said. “EducationPlanner. org is an excellent online resource for students and parents. The Web site walks students via all of the steps to prepare for, use, select, decide and pay with regard to higher education. ”
It’s in no way too early or too late to start planning for higher education. Do your homework, speak with a financial aid professional and plan on investing some time into the procedure.
“It doesn’t matter how far along your child is in the software process, ” Hill stated. “There’s no time like now to start planning for his or her school future and your financial peace of mind. ”
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