College Savings Plan Options
How can you save money for your child's college education, especially during a recession? Chances are if you have a little one, you may not have given much thought as to how much college tuition costs just yet, but experts agree that getting started early with your savings goals is the key to being successful when it comes to savings. But how much do you need to save? When should you start? What are the best programs out there?
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"Financial aid is money distributed primarily by the federal government and colleges in the form of student loans, grants, scholarships, and work-study jobs," explains Womack.
"Loans and work-study must be repaid (through monetary or work obligations), while grants and scholarships do not." Womack adds that students can receive both federal and college aid.
Additional online resources
Financial aid director at Scripps College, David Levy, suggests having a frank discussion as a family about what you can afford before your kids start to search for colleges. He also suggests some additional sites for more information including: www.fafsa4caster.ed.gov (calculate what you can afford)
Search for scholarships, grants, and loans on sites like: www.fastweb.com, www.finaid.org, www.collegeboard.com.