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Paying for College

01/31/2009 04:00PM ● Published by Super Admin

They got the grades. They got the acceptance letter. You’re getting the bill. Sound familiar? If you’re the parent of a high school student, and college tuition bills are causing anxiety, don’t fret. There are many avenues available for financial aid, regardless of your yearly income, plus savings plans for students and parents.

First Things First: The FAFSA
“One of the biggest myths about a college education is that students can’t afford one,” says Brett Tujague, Advancement Via Individual Determination (AVID) Coordinator at Roseville’s Woodcreek High School. He advises all his college-bound students to apply for financial aid, regardless of their family income.

Financial aid is broken down into two main categories: grants/scholarships (money you don’t have to pay back), and loans (money you do have to pay back). The gateway to all financial aid is through the Free Application for Federal Student Aid (FAFSA). Students will not receive any aid, not even student loans, without filling out the FAFSA. Both parents and students need to sign up for a PIN to electronically sign the FAFSA, which is quick and easy to do at pin.ed.gov. Families should only fill out the FAFSA at fafsa.ed.gov, where the application is free. Many scam sites charge a fee to fill out the application, so don’t be fooled. The FAFSA filing period is between January 1 and March 2 each year. Once a student’s FAFSA is processed, the family will receive a Student Aid Report (SAR) that states the Expected Family Contribution (EFC) number on it. This number is the amount of money a family is expected to contribute to their student’s education. A family’s EFC does not change based on the school’s price tag. In some situations, a private college or university may end up being less expensive than a public one.
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Savings Plans
There are numerous investment vehicles to choose from when financially preparing for college. Edward Jones, with advisors in Folsom and El Dorado Hills; as well Amerprise Financial of Folsom, both help families set up savings plans. A 529 plan, which offers tax incentives and currently is not included in the child’s assets for financial aid, affords you flexibility while saving money for tuition and even related expenses. With a little forethought and smart money management, a first-rate education can be affordable.

For more information on College Funding tips and ideas, be sure to pick up this month's copy of Style – Roseville, granite Bay, Rocklin edition. Check out the Distribution tab on this Web site for some of our newsstand locations. Or, to order a copy of this issue, please email  info@sierrastyle.com, or call 916-988-9888.

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