Understanding College Funding
Summer is a time for relaxation and adventures with family and friends. Time away from school is important for students and allows for a much-needed break. Summer is also a good time for your family to create a college funding plan.
When it comes to easing the financial burden of paying for college, it’s important to explore all options available. Often, there are overlooked strategies when paying for college and it is worth the time and effort to consider them. Once you have a better understanding of the strategies out there, you can move forward with building a plan that will help lower the cost of college.
A significant part of building a solid financial plan is really understanding financial aid and the college funding process. Planning for how you will pay for your child’s college education is not always a simple task for many families. Therefore, it is crucial to educate yourself on how college funding works.
If you find you have more questions about financial aid and college funding strategies, please reach out and schedule a consultation. I look forward to talking with you soon. Have a fun July!
How to Pay for College Using Overlooked Strategies
Paying for college is no small feat: Annual tuition and fees at ranked four-year colleges for 2021-2022 ranged from about $10,300 for in-state public schools to about $38,200 for private institutions, according to U.S. News data.
One of the first steps experts recommend to families concerned about how to pay for college is to complete the Free Application for Federal Student Aid, called the FAFSA. Doing so opens doors to a range of financial aid options, including scholarships, grants and loans.
Understanding How College Funding Works
College financial aid pays for the difference between what a school costs to attend and the amount a family will pay from their own money. College financial aid can be a mixture of scholarships, grants, fellowships, federal work-study jobs, tuition reductions or discounts, in addition to student and parent loans.
Types of Funding Available
Self-Help Aid – Self-help aid comes in the form of student loans, parent loans, Federal Work Study Programs, and campus employment. The money from self-help aid can be earned through working or it can be borrowed and paid back. There are two ways to pay for college, you can pay with your own money or with someone else’s money.
How to Survive Paying for College Free On-Demand Webinar
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- Expected Family Contribution (EFC)
- Cost of Attendance (CoA)
- FAFSA and CSS profile
- Public versus private costs
- How you can afford college without jeopardizing retirement
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Westface College Planning is here to help ensure your planning is where it needs to be. Contact us with any questions you might have for the years to come!
Ready for your own success story?
If you’re a typical parent with college-bound students, you’re probably overwhelmed. You want to help your sons and daughters make the right choices and prevent overpaying for their education. You’re not alone! We’re here to help. Schedule your free consultation today – click below to get started!
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