There’s no doubt that the cost of higher education has increased dramatically in recent years. Yet, perhaps surprisingly, the number of students enrolling in all types of institutions has increased as well. One reason may be the recognition that a college education makes financial sense. Another may be the commitment— and sometimes sacrifice—that families are willing to make in order to pay for the opportunity that education provides. But a third, and possibly equally powerful factor, is that families can turn to a number of sources to help them cover the cost of College.
Whether you’re a brand new parent or you’ve had lots of practice as a mom or dad, this probably isn’t the first time you’ve thought about saving for college. It’s hard to avoid the bottom line: Colleges and universities, as well as the federal government, consider it your responsibility to contribute to your children’s higher education expenses. Without at least some savings, meeting that obligation may not be possible. But it’s equally true that while saving may not be easy, there are a number of programs designed not only to encourage you to put money away for college but to provide tax benefits if you do. In fact, you may already have a plan to accumulate the money you anticipate needing.
You can look to a number of websites for help in planning for your child’s education.
www.cadeaucollegeplanning.com Personal planning support for families who need assistance in negotiating the all the alternatives related to college funding.
www.collegeboard.com Information on college costs, scholarships, and entrance exams.
www.studentaid.ed.gov Guidance on the process of applying to and paying for college.
www.collegesavings.org Valuable information about 529 savings and prepaid plans.
Contributions from the book Guide to Saving for College in this press release are used with permission from Light Bulb Press.