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Planning University Education Finances
by Avie Estudianti
http://www.fmuniversity.com
Getting a university education can be an expensive
proposition. Do you have an extra five to
ten thousand dollars lying around to pay university
costs? If you're like most of us, you probably don't.
Is a university education a priority for you to give to
your children? If so, read on for some ideas on how to
do this.
1. Start a university savings account for each child when
theyare born. Try to deposit about $2,000 per year, or
about $166 each month, into each account. By the time the
child graduates high school, the savings deposit will have
compounded with interest to possibly fund the entire
education, especially if you put the money into a mutual
fund with a little higher return of interest.
2. Ask relatives and friends who are planning to give a
present for birthdays or holidays to consider a savings
bond. These can quickly add up over the years to
supplement other savings plans for university. While young
children will prefer a tangible gift, those who are in
their mid- to late-teens might appreciate a thoughtful
gesture of this type toward their university education.
3. Require your children to set aside an agreed-upon
percentage of earnings from summer jobs and such toward
future university expenses. Students who participate
actively in financing university-level education tend
to value that education more and perform better in
university studies.
4. Inquire about financial aid. Most major universities
offer financial aid to students who meet the eligibility
requirements. They will need to fill out a FAFSA form,
which can be completed online, several months before
enrolling in the first classes. Then they will receive a
letter explaining which benefits, if any, they may be
eligible for. These can include grants, scholarships, and
low-interest student loans.
5. Ask local civic groups, community organizations, and
social agencies about financial aid for universities.
Some banks or credit unions offer grants to students who
maintain accounts at those institutions. Other groups
provide scholarships to students for meritorious
recognition. Find out what the requirements are and then
apply for all that you can. In some cases, you may get
enough of an award to cover books or supplies, but
anything will help.
Hopefully, you now see that planning university
education finances doesn't have to be difficult.
Consistent movement toward that goal over a long
period of time should pay off in you being able
to accumulate the funds for university studies relatively
painlessly.
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