There are many ways to fund the dreams of any aspiring college student. Through Retirement Accounts, college plans, and the most obvious being Federal Student Aid. Regardless of the circumstances, most college students need some kind of financial aid going into their first year of college life and beyond.
Lets get into these 4 great college funding sources to get you and your student on the right path.
Which College Funding Sources are more suitable for you?
Federal Student Aid
FAFSA is the most common college funding source amongst college students to date. FAFSA tends to gear more towards low ioncome famalies and the students that are not capable of savings tons of money before taking that big step forward. FAFSA is unlike other college funding sources, being as you’re applying for grants and loans.
The 529 College Plan
A 529 plan is a savings plan run by a state or educational establishment. The plan helps families set funds to the side for college costs. All income in a 529 plan will not be taxed when the money is taken out to pay for college, and also develops tax-free.
Gerber Life College Plan
The Gerber Life College Plan is unlike other ways to save for college. The Gerber Life College Plan guarantees that you will reach your goal at maturity. Your benefit for college is guaranteed-regardless of any interest rate or market fluctuations. You can also use money from your policy for any purpose, not just college expenses.
The use of Retirement accounts for college funding should be pretty obvious. If you didnt get a chance to plan ahead you might need to tap into your retirement funds to get your college student up and running. This is why penalty-free withdrawls come in handy in the future.
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Many parents of college-bound students may worry about the amouunt of money they have saved for college. It all comes down to the types of investments they make that will determine how much financial aid there student will recieve. This is important because most college students need some kind of financial aid wen the time comes.
Percentage of full-time undergraduate students at four-year colleges that recieved some form of financial aid in 2012-2013
For more information about these 4 Great College Funding Sources, you can always….
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