Finance a College Degree

get the help to make it happen

Getting into college is not easy these days, it takes good grades and a lot of money.  Is the cost of higher education really worth it? And can you afford to finance a college degree.

The total charges of a typical public school averages more than twelve grand a year.  A private school is closer to thirty grand.  In most cases, however, the higher salaries earned by college graduates more than make up for the expense.  A twenty five year old college graduate could easily be earning over 110% more than a non college graduate.  During the rest of his working life the difference will probably widen greatly.

The student needs to put in the hard work and long hours studying and getting good grades.  Parents and grandparents usually have the burden of coming up with the financing to make the college education a reality.  A 529 plan is an excellent way to get an early start on your college savings plan.  Coverdells are another widely used option.  Both of these accounts have tax advantages and are specifically for the purpose of education.  Some families encourage other family members to contribute to these plans as part of birthday, Christmas and graduation presents.

Other savings plan options include US Savings Bonds, custodial accounts and even Individual Retirement Accounts, all of which have some tax benefits to pay college expenses.  The custodial accounts could cause you to loose control of the money when your child becomes an adult.  They could also impair your child's ability to qualify for financial aid.  Look into your investment plan carefully before starting, but the sooner you start the better.

Tax breaks for parents also help to finance a college degree.  They come in forms like the Hope Credit and the Lifetime Learning Credit.  When discussing these terms with your accountant mention also tuition deductions and student-loan interest deductions.  Your taxable income plays a large part into how much these breaks and deductions will help you, but look into all of them.

A good savings plan, started early, can go a long way to financing a college degree.  Loans, scholarships and grants can possibly make up the rest.  The first step in going after this available money is to get accepted by a college.  With that done, start filling out forms, submitting forms, writing essays and seek out the money that is out there and ready for you to ask for it.

I once new a girl, a junior in high school.  She won a $3,000 scholarship towards the college of her choice.  She placed first in the Executive Women International scholarship program.  Winning this price gave her a chance to win an additional $10,000 scholarship in a national competition.  The schools nominate the students and the judges select the winners.  The criteria used by the judges is based on the students scholastic achievement, leadership qualities, good citizenship and extra curricular activities.

The EWI scholarship program awards hundreds of thousands of dollars yearly to kids all over the United States.  They are just one of the many organizations putting money behind education.

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