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How to Finance A University Education
by Avie Estudianti
http://www.fmuniversity.com
Those who are hoping to attend a major university for a
baccalaureate degree may be concerned about funding
sources. Most people do not have $5,000 to $10,000 a
year or more on hand to cover the cost of a university
education. That is why it is important to plan early
and save a long time. Here are some tips for getting
started.
1. As soon as your child is born, make saving for
university expenses a priority. A couple of thousand
dollars a year over eighteen years combined with the
power of compounding interest makes will make a
substantial contribution when it comes time for your
child to enroll. Choose a savings or investment vehicle
that you're comfortable that provides the return on
your deposits you want.
2. Forego the latest toys or clothes for gifts and ask
that relatives give savings bonds or certificates of
deposit instead. Again, these numbers will add up over an
entire childhood. Younger children like this option as
much as teens will, but they'll likely thank you for
establishing this tradition in later years.
3. If your children have been working before going to
school, urge them to earmark at least ten percent of
earnings for unversityeducation. Students who help finance
their unversity studies tend to value them more.
4. In spite of your best efforts to plan for university
expenses, you may still need help in meeting them.
Need-based funding sources are readily available. Obtain
a copy of the FAFSA from a high school counselor or
online, complete it, and have a copy sent to the
university your child plans to attend. The university, in
turn, will provide you with a list of financial aid
programs your child is eligible for.
5. Scholarships and grants for university study are also
often available from civic organizations and local
agencies. Contact those groups to find out the application
requirements. Many of these awards are small, but they are
still useful in offsetting some of your child's university
costs.
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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