|
|
|
College Student Credit Cards - How to Choose the Best One
There are so many credit cards being offered to college students these days that it may be difficult to choose the right college student credit card. It is important to choose carefully to make sure that you have the best deal and rates available. ...
More Ways To Use The Taxation System To Pay College Education Costs
In addition to Education IRAs and federal tax credits there are many other ways to use the taxation system to pay for the high and increasing costs of a college education. You need to consider all of these tax benefits in order to ensure that you...
The Key to Online College Classes - Have it Your Way
Never before has online education been more esteemed than today. In most circles online learning is haled as a viable alternative to traditional classroom settings. Not long ago, distance learning was perceived as trendy, faddish and nuvo. What's...
Tips To Consider For Your College Search
There are a number of points that you will want to consider when you start your college search. More than anything, this will at least help cut down the number of options that you have after performing a college search. It doesn't matter if you are...
Use Tax Credits To Help Finance Your College Education
Students are always on the lookout for ways to help pay or offset the cost of their tuition. There are various government grants and scholarships available to you if you qualify. But what if you don’t qualify for these government programs? ...
|
|
| |
|
|
|
|
|
|
It’s Never Too Early -- or Too Late -- to Save for College
(ARA) - On Parent’s Day, July 27, children everywhere will thank their moms and dads for all they’ve done for them over the years. Every parent wants to give their children the best in life; for many parents, part of this equation is planning for their children’s college education.
“It is never too early to start planning how you’ll help your child pay for college,” says Jane Ann Schiltz, vice president of marketing for Northwestern Mutual. One look at the cost of a college education and you know that the sooner you start saving money, the better. According to The College Board, the average price of a four-year education at a private university in 2002 was $110,708. Based on average historical rates of inflation for college costs over the past 10 years, the price tag for that same education in the year 2020 would be $216,636. Costs at public universities, besieged by budget cuts, have also risen sharply.
Add to the mix an increased demand for financial aid, at a time when those funds are dwindling at colleges and universities, and it is clear that students and their families will be facing large tuition bills. However, despite good intentions, almost half (44 percent) of parents are not putting money aside to fund their children’s college education, according to a recent survey conducted by Harris Interactive for Northwestern Mutual.
If you are part of that 44 percent, and haven’t started saving yet, don’t panic. It’s never too late to start. Planning is the key to reaching your financial goals. If you are overwhelmed by the thought of mapping out a plan, consult a financial representative who can help you put together a college funding strategy that will meet your goals. There are a variety of ways to fund your child’s college education; you need to find the combination of options that is right for you and your family.
Schiltz offers some key points to bear in mind when laying out your plan:
* Set your goal. The first step is to determine how much money you will need for your children’s college expenses. Once you have a number in mind, you can create a plan to help you get there.
* Get your finances in order. Saving for college should be part of your total financial plan, not a stand-alone goal. You need to make sure your finances as a whole are in order -- including your will, life insurance,
retirement plan and other investments in order to see how college saving fits into the mix.
* Know your options. There are many ways to fund your children’s education, including Coverdell Education Savings Accounts (formerly Education IRAs), Custodial Accounts, Section 529 Plans and other investment options such as mutual funds, CDs, savings accounts, stocks and bonds. Each of these options has advantages and disadvantages. A financial professional can help you sort through the choices and advise which ones best meet your needs.
* Don’t forget life insurance. This may not be the first thing that comes to mind when thinking about paying for college, but it is an important part of your mix. Permanent life insurance can play a part in college funding in a number of ways. Most obviously, in the event of your death, your child can use the death benefit to pursue their dream of a college degree. In addition, depending on the type of policy and how it’s structured, you can draw on the cash value in your policy to bridge the gap between financial aid and tuition. Check with a financial professional on the advantages and potential consequences of borrowing from your policy.
* Consider tax and financial aid implications. Some of the college savings vehicles are taxable while others are not. Likewise, some of these accounts will impact future financial aid eligibility, while others won’t. Once again, a professional can help you navigate these choices.
* Get the whole family involved. Grandparents and other family members can contribute to the cause by using many of the options listed above, such as Coverdell accounts and custodial accounts.
By exploring all your options, you’ll gain a big picture approach to education planning and have a better understanding of what works best for your family.
For more information on college funding options, visit the Northwestern Mutual Web site at northwesternmutual.com. The college funding calculator can help you estimate your funding needs. If you would like a copy of the company’s education funding brochure, you can locate a Northwestern Mutual Financial Network representative in your area.
Courtesy of ARA Content
About the author:
Courtesy of ARA Content
|
|
|
|
|
| SAT Registration - SAT Scores - College Search - College Admissions |
| Organization representing hundreds of colleges responsible for the Scholastic Assessment Test (SAT), the Advanced Placement (AP) program, and various equity ... |
| www.collegeboard.com |
|
| CollegeNET - Online College Applications and Free Financial Aid Search |
| Guide to colleges, universities, and graduate programs. Provides information on college admissions, links to academic resources, and online applications. |
| www.collegenet.com |
|
| college times |
| www.nytimes.com/college/ - Similar pages |
|
|
| Dartmouth College |
| Welcome to Dartmouth, a private, four-year liberal arts institution that has been at the forefront of American higher education since 1769. |
| www.dartmouth.edu |
|
| USNews.com: America's Best Colleges 2007 |
| Top Liberal Arts Colleges · Comprehensive Colleges · Top Northern · Top Southern · Top Midwestern · Top Western · Engineering Programs ... |
| www.usnews.com |
|
| CollegeView — College Finder & Recruiting Service |
| A free online college search service with extensive profiles of all the accredited colleges and universities in the US, including updated contact ... |
| www.collegeview.com |
|
| Swarthmore College :: Home |
| Swarthmore College 500 College Avenue Swarthmore, PA 19081 ... A personal view of the College's program in Argentina's capital from the first student to ... |
| www.swarthmore.edu |
|
| College Humor |
| Everything that's funny on the Internet is right here. Funny pictures, funny videos, and lots of boobies. |
| www.collegehumor.com |
|
| The College of William & Mary | W&M |
| Chartered on February 8, 1693, by King William III and Queen Mary II as the second college in the American colonies. Severed formal ties with Britain in ... |
| www.wm.edu |
|
| Reed College |
| Portland, Oregon liberal arts college noted for rigorous academics and independent study. |
| www.reed.edu |
|
| Yale University |
| Yale University comprises three major academic components: Yale College (the undergraduate program), the Graduate School of Arts and Sciences, ... |
| www.yale.edu |
|
| Williams College |
| Official site for this four-year liberal arts college in Williamstown, Massachusetts. 2000 students choose from 30 majors in 24 departments. |
| www.williams.edu |
|
| Amherst College |
| One of the Five Colleges, this school is consistently ranked one of the top liberal arts colleges in the nation. |
| www.amherst.edu |
|
| HAMPSHIRE COLLEGE |
| A private liberal arts college in Western Massachusetts. |
| www.hampshire.edu |
|
| Smith College |
| A private liberal arts college for women located in Northampton, Massachusetts. A highly selective institution with an undergraduate enrollment on campus of ... |
| www.smith.edu |
|
| College - Wikipedia, the free encyclopedia |
| The institutions formerly known as "Teacher-training colleges" now style themselves ... In Portugal the term college (colégio) is mainly used to refer to ... |
| en.wikipedia.org |
|
| Davidson College |
| An independent liberal arts institution founded by Presbyterians. Contains a calendar of events, history, academic information, alumni and admissions. |
| www.davidson.edu |
|
| Emerson College - Bringing Innovation to Communication and the Arts |
| Emerson College is the nation's only four-year college devoted exclusively to the study of communication and performing arts. |
| www.emerson.edu |
|
| Middlebury College |
| Panthers outdoor official site. Coaching staff, roster, schedule, school records, and past season information. |
| www.middlebury.edu |
|
| The Pomona College Web |
| Private liberal-arts college with a focus on the arts, literature, and languages. A founding member of the Claremont Colleges. |
| www.pomona.edu |
|
|