Applying for college is an exciting time. As you go from a high school senior to a freshman, third-level education can help to put you on the career path you’ve been wanting. While combing through a litany of catalogs and applications can be a strenuous process, it’s important to put your finances at the forefront.
As you go through the college admission process, make sure that you have an understanding of the price tag where you apply. From there, explore the opportunities to help curb that spending long-term.
It doesn’t hurt to plan for the future as early as possible, so an education savings account should be invested in as quickly as possible. Some parents open these accounts when their child is first-born to begin accruing money for the college application process. This allows parents to set aside $2,000 per year per child, but with no contributions past the age of 18. The beneficiary must also use this before the age of 30.
While meeting with a college counselor, you’ll want to get a full assessment of overall spending. This is why some folks opt for standard savings or checking accounts through a financial institution. This allows for flexibility for college applicants to even set aside more money over time.
When going through the application process, you may be informed by college admissions consultants about 529 college savings and prepaid plans that are education-specific and continue to grow. These plans serve as either investment savings accounts or prepaid tuition. A 529 savings account allows you to set aside after-tax contributions that grow tax-free every step of the way. This is similar in function to a Roth IRA but with much higher contribution limits.
In the United States, you may receive tax breaks or credits as an incentive for years of effort that went into saving for the admissions process. 529 prepaid tuition plans allow you to lock in tuition costs, which are consistently rising nationwide. This requires paying in advance all or part of the costs to attend say your dream college. While it’s expensive now, it will save you years down the line.
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Other Financial Options
As you meet with college admissions advisors, be sure to take the time to understand the financial aid capabilities that are at your disposal. While Sallie Mae and FAFSA are common at most schools, there are grant and scholarship opportunities that you may not know of that can help you land that bachelor’s degree. Some grants usually come with a GPA requirement, making sure you maintain the same academic performance that got you into your dream college.
College counseling sessions should give insight into just how much a semester is going to set a student back. This starts with application fees and expands to tuition and housing, as well as all of the extras in between. Be sure to consider the best practices that will save you from having to rely on high-interest loans to cover the cost of your college education. You can download many movies from anime flix.