|
Monday, 14 September 2009 11:15 |
 |
 |
 |
|
|
Coping with the Cost of College |
|
|
Money Magazine offers five tips for preparing for the cost of college. |
"Don't be caught off guard. Use these tips from Money Magazine to get ready for that tuition bill."
1. Get a thumbnail sketch
In the past five years, the average tuition and fees for public four-year colleges have increased 40 percent and for private four-year colleges 18 percent. According to the College Board, the average cost is $5,491 and $21,235 respectively. You can use a calculator such as the ones at www.Bankrate.com or www.finaid.com to see what financial aid you may be eligible for.
2. Get in your FAFSA
And the sooner the better. The earlier it's received, the bigger your reward could be. Don't worry about having all the information for your form. You can always go back and change it. Schools start making decisions with regard to aid soon after their deadline -- usually in mid-March.
3. Rethink 529s
While 529's were supposed to help people save for college, investigations into high fees, convoluted rules, and shady broker dealings have made them more trouble than they might be worth. Remember to read the fine print to make sure that fees aren't taking away from any tax benefit. Look into a Coverdell Education Savings Account instead. The simplicity of trasactions makes up for the limits on contributions.
4. It's not just tuition!
Remember that your student will have many other expenses besides tuition and fees. Books, food outside the meal plan, entertainment, clothes, school supplies, and additional spending could total, according to the College Board, $3,100. Look for ways to save such as sibling discounts and alternative places to buy textbooks such as eBay's half.com.
5. Grab the free cash
Don't forget to look for scholarships. While they will be unlikely to make a significant contribution, there is a lot of money out there for the takng. Check out Fastweb.com and Collegeanswer.com.
From CNN Money.
|