College Funding Strategies

College is expensive, but still considered essential by many parents and aspiring young people, not to mention employers. In an ideal world, every student with the drive to earn a higher education would have a fund ready to support that goal when it is needed. 

In reality, many young people and families end up relying on Student Loans, personal loans, second mortgages, and credit cards to cover all the costs of a college education - tuition, housing, books, food, transportation, and more. Even worse, many prospective students simply postpone college, or decide against it because of the costs. 

Instead of borrowing later, when interest rates will only increase the debt load, it could be a better idea to get interest working for you now, by starting a college savings program early, that will add money to your savings over time. 

The good news is that there are a variety of strategies and tools to help make college a reality. Different saving tools will yield different sums of money over time, with different terms for withdrawal, interest, rates of return, and more. It is worth exploring the options and getting informed as soon as you start thinking about it.

The sooner you come up with and implement a plan that makes sense in your lives, the better will be the outcome! And another bit of good news is that by getting started now, saving for college will become a  simple and painless part of your everyday life. 



More reading:

How to Pay for College


What are the advantages of a 529 college savings plan?

When Should I Begin Saving for My Child’s College?​

What is the value of a college education?