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How to Pay for College

A college education is an important way to be competitive in the work force, and it’s understandable to be a little anxious about the expense.

Here are the basic sources available to fund higher education, according to the Common Application, a not-for-profit member organization of more than 700 colleges and universities in the United States and around the world.

Federal Government: The Department of Education awards about $150 billion a year to more than 15 million students in the form of federal grants, student loans and work-study programs.

State Government: Your home state offers various types of financial aid. You might be eligible, even if you’re not eligible for federal aid.

Colleges and Universities: Many colleges and universities provide financial aid and scholarships from their own endowment funds. 

Financial Aid:  According to NextGenVest.com, a company that helps students manage the college selection and financial aid process, “approximately $2.7 billion is left unclaimed in federal aid by students who don’t fill out the FAFSA.”

Scholarships: Individual colleges, as well as private funders, award scholarships in recognition of academic performance, athletic excellence, a commitment to community service or other unique talents.

Savings: 529 plans, Coverdell Education Savings accounts, UTMA/UGMA, savings bonds, investment accounts…the list goes on. 

The cost for college education can be daunting, but with some planning, you can significantly reduce tuition costs and make attending a university an affordable reality. At Broadway Bank, we can help you create a reasonable plan for your future. Our CERTIFIED FINANCIAL PLANNER™ professionals are skilled in managing college expenses. Start planning by contacting us today at 210.283.6600  or FA@broadway.bank

Source: http://www.letsmakeaplan.org/blog/view/lets-make-a-plan-blogs/how-to-pay-for-college


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