The Cost of College

 Cost of College

As students and families look toward graduation, check in with the Joneses to see how they are planning to pay for college. Here are some basic tips to help your family with this transition:

·         If your child’s college date is far away, start saving now. Check out 529 or Coverdell accounts to see what will best meet your needs.

·         Research all funding sources – grants, scholarships, federal student loans, and private student loans.  Check out for help.

·         Get all your paperwork (taxes, FAFSA) done as soon as possible.

·         If you’ll be supporting your student while they’re in school, create a shared budget so they understand all the costs of school.

·         If you’re an adult student on your own, calculate your in-school costs as well as what your student loan payments will be after school. Use this budget to help manage your money. 

·         Before choosing financing or a major, use the Student Loans Over Projected Earnings (SLOPE) calculator to find out how long it will take to pay off your loans with the projected salary for your career choice.