Paying for college can be one of the most stressful parts of the college experience. It’s essential to know all of the options to chip away at a big bill. Financial Aid Award letters include grants and scholarships (free money with few strings attached), loans (need to be repaid) and earned-aid (usually work-study) – a guaranteed part-time job. Part-time jobs, either under the work-study program or not, offer valuable opportunities for students to earn money, reduce debt, and gain valuable experience.
Finding a balance between retirement savings and college savings represents a challenge most families need help managing. If you feel overwhelmed, you're not alone. The struggle is real, especially when parents consider whether to withdraw from their retirement savings to pay for college.
Generally, parents should save first for retirement and then for college.
Although few families can save enough to fully pay a college bill, it makes sense to save as much as possible given your family’s financial position in order to minimize college borrowing in the future. Saving a dollar today is better than borrowing one tomorrow.® This simple example shows why
Soon, juniors in high school will be rising seniors. Also rising will be their anxiety level and the pressure students and parents feel to find the perfect 4-year dream college. Maybe it does not have to be this way.