Universities Or Diploma Mills

Adjust your child's age, your household income, type of school you are saving for, and either monthly contribution or the percent of cost covered slider. For example, if you would like to cover half of your child’s expected cost of attendance, set the slider to 50%. It’s a good idea to meet with a financial planner, whether you’re early or late in the planning process. If you need or your child needs to incur some debt for college, be sure that the amount is justified by your child’s likely income from a future career.

The assets in your account gain or lose value according to the performance of the portfolio's funds. The plans were originally sold as a way to guarantee that your investment would keep pace with the rise in tuition costs. Tuition credits must generally be used by the time your child reaches age 30. You must also notify the plan when you expect to begin making withdrawals within the time frame stated in your contract. A college savings plan is considered a parental asset and assessed at 5.6% per year.

Loans, Scholarships, Grants, Oh My!

A prepaid tuition plan is treated the same way as a college savings plan. Each year the investment company managing your portfolio retains a certain percentage of your account's value as a fee for managing and administering money in the plan. Some plans also include an initial new account fee and a flat annual maintenance charge.

Get helpful tips, articles, and ideas for addressing the financial questions and decisions in your life delivered to your inbox quarterly. Check if the school has a book rental program or uses electronic textbooks. You may already have submitted the Free Application for Federal Student Aid , which opens annually on October 1 for the following school year. The government uses the FAFSA to determine a student’s financial need and the estimated parents’ contribution. Register for free to save your personal budgets and more, or Log In now. The first issue is the quality of instruction that is given through distance learning programs.


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