The following links supply information about scholarships, private payment
plans, loans, and the financial aid process. There is also a page with
excellent website links and useful phone numbers. As always, contact us
at the office if there are any questions.
Steady declines in federal aid to students and contemplated future cutbacks
increase the need for creative solutions and the need to plan carefully
for educational costs well in advance of the child's attaining college
age.
Many parents may feel overwhelmed by college costs, but as a child nears
college age and then enters college, the typical family is usually in a
much better financial position to meet educational costs. Mortgage payments
should require a much lower percentage of income, and personal income may
be substantially higher than it is now. There are also savings in
household expenses once a child is in college (e.g., food, toiletries,
and some utilities). Also, the possibility of a non-working spouse
getting a job could add to the family's disposable income at this time.
For families with older children, there may be other resources that could
be used to fund college expenses. A home equity loan or a second mortgage
is an increasingly popular method of meeting tuition payments. There may
also be gifts from grandparents or inheritances that can be earmarked for
college. Also, the number of loans and scholarships that are available
can make a big difference in the amount of money parents need to have in
order to send a child to college.
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