Investing Advice

Help from your college's financial aid office

Your child is interested in college. You don't have savings earmarked for education. Sure, the local community college is affordable, but your child wants to go to a better school. Where will the money come from?

The college financial aid office will give you an application called the Free Application for Student Aid. A determination will be made of what portion you and your child must contribute, called the Expected Family Contribution (EFC). You should apply for aid before March of the year prior to the next school year, applying for aid at all the schools your child is interested in.

By April or May you will receive award letters detailing grants and loans that your child qualifies for. The best are federal Pell grants or Supplemental Education grants, since they don't have to be repaid. Stafford loans and Perkins loans will help, but loans should be avoided if possible. Sallie Mae, which funds student loans, has a website (wiredscholar.com) with a calculator that will analyze financial aid packages. This calculator will also estimate what the loan payment will be after your child graduates.

Look for scholarships at FINAID.ORG

There are also PLUS loans available to cover all expenses not covered by other aid, available from Academic Management Services (800-635-0120 and www.amsweb.com). However, parents are responsible for repayment of a PLUS loan, not the child. These loans are not based on the family's economic need.

Other Financing a College Education Topics:

  1. Financing a College Education
  2. Coverdell Education Savings Account
  3. Section 529 Plans
  4. Scholarships
  5. Help from your college's financial aid office

Did you find the information you were looking for?
 
After reading the above article, what is still your biggest question?



Get Weekly Investing Advice
Receive free practical investment advice and tips delivered weekly to your email box with contributions from financial planners, investors, and financing and loan professionals.
  I want to ask a question and receive investment tips.
  I only want to ask a question and don't want helpful advice.
E-Mail Address:  
Your Name:  


To find more investing and stock related websites input the phrase "investing advice" directly into the search box below or simply type in your own search phrase to see over 1 million other investing, stocks and online trading websites.
Google
Who's Not Investing?

Millions marry and start families each year without taking basic steps to make sure their future, as well as their children's, is financially secure.

According to a recent survey by Princeton University and the Consumer Federation of America, 70% of households with incomes under $50,000 a year have retirement savings of less than $5,000. This same report said "most Americans are living paycheck to paycheck".

Learn more about how you can plan, save and invest smart for your family's future.

 Investing Money Sections
arrow Why Invest Money?
arrow Investment Basics
arrow Saving Money
arrow Stock Market History
arrow Stock Market Basics
arrow Stock Market Indexes
arrow Stock Market Investing
arrow Mutual Funds
arrow Investing Advice
arrow Retirement Planning
arrow Saving for College
arrow Financial Planners
arrow Investment Opportunities
arrow Financial Charts
arrow Investment Terms

arrow

Return Home
 

 Home | Contact Us | Privacy | Site Map | Legal notices
 Copyright A to Z Investments 2005. All rights reserved.