Financial Aid
The Department of Education has a wonderful collection of information about
financial aid through their department. Follow the active links on their page. SOURCE

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OVERVIEW
The Department (ED) will provide more than
$67 billion this year, about 70 percent of
all student aid, to help millions of
students and families pay for
postsecondary education.
If you're exploring options for paying for
college, see Find
Aid. You'll learn about the various
kinds of financial aid (loans, grants, and
work-study), how to apply, common myths,
and more.
Financial aid professionals at banks,
colleges, guaranty agencies, and other
postsecondary or lending institutions will
want to see our online
library of technical publications,
regulations, and policy guidance on the
administration of the student financial
assistance programs.
If you're looking for grant information
not related to student aid, please see Grants
and Contracts.

Features
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If you're planning for college
and looking for financial aid,
start here. GO
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Apply here. More than 9
million students get an ED grant
or loan each year. GO
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Consider consolidating your
loans -- rates have never been
lower. GO
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If you have a Pell Grant,
Stafford Loan, PLUS Loan, or
Consolidation Loan, find out all
the details. GO
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Most ED financial aid services
for schools are now electronic.
Find all our services here, as
well as systems manuals, policies,
and requirements for the aid
office. GO
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CareerOneStop
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WIA Eligible Training Provider
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WIA Eligible Training Provider

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Please select the state in which you wish to find a
WIA eligible training provider. You may select the state
from the map or the list of names below.
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DREAM IT. FIND IT. GET IT.
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Copyright © CareerOneStop 2005
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An abstract of an article detailing how parents and students can increase
financial aid eligibility. The articles list thirteen steps to improve your
chances of getting money. Click on the link Article
Is Available Online At to read the full text of the article.
CORD is a national nonprofit organization providing innovative changes in
education to prepare students for success in careers and higher education.
Includes information on Teacher Workshops and Contextual Learning Resources.
Provides financial aid information for Parents and Under Graduate and
Graduate Students. Users can learn about financial aid or apply for a loan
online.
Provides resources on college costs, financial options, and education
loans. Use the Scholarship
Search to locate scholarships, loans, internships, and financial aid
programs.
An abstract of an article detailing financial aid resources. The site
provides Frequently Asked Questions (FAQs) about the Direct Loan Program.
Click on the link Article
Is Available Online At to read the full text of the article.
Resources on financial assistance for parents, high school, college and
graduate students. Includes information on college admissions, scholarships,
financial aid, and provides online applications.
Registered users may use the LoanFinder for instant comparisons and online
applications. Users can learn about financial aid and search for scholarships.
Additional resources for parents, high school, undergraduate, and graduate
students are available.
FAFSA
Express, United States Department of Education
Download the FAFSA application and submit the forms electronically. Users
may also print out the application for faxing or mailing.
FAFSA on the Web, United States Department of
Education
A source of college related information. Provides financial aid
information and users can search for scholarships, school information, and
download college applications.
Federal Sudent Aid,
United States Department of Education
Provides links to Federal student aid programs. Includes information on
grants, loans, work-study assistance, applying for federal student aid, and
paying back a student loan.
Resources on all U.S. federal government student financial aid programs.
Includes information on who can apply, how to apply, and full contact info.
A collection of financial aid resources on the Internet. Provides
information on loans, scholarship, and military aid. Includes financial aid
calculators and financial aid forms.
Contains information on Federal and State Grants, Educational Loans
(Government and Other), Work-Study Programs, Cooperative Education Programs,
Military Government Programs, College Expenses, and a Financial Aid Check
List.
Provides information on scholarships, educational loans, college costs,
and links to calculators and financial aid resources.
Financial aid resources for parents and students. Provides guides to
scholarships, federal aid, and the FAFSA. Users may perform a scholarship
search and compare aid packages.
An abstract of an article detailing financial aid resources. The articles
identify financial aid available to adults and lists resources users may use
to help finance lifelong learning endeavors. Click on the link Article
Is Available Online At to read the full text of the article.
The Financial Aid Need Estimator allows users to calculate both family
contribution and expenses at educational institutions.
Resources on scholarships and financial aid. Users may learn financial aid
basics and learn about the different types of financial aid. The scholarship
search lists potential offered by non-academic institutions and organizations.
Provides links to financial aid office web pages and online handbooks for
colleges, universities, community colleges, and vocational and technical
schools. The Financial Aid Office web pages are listed alphabetically.
Offers information on lending, potential sources, and borrowing
responsibly. Users may apply for student loans online. Includes resources on
alternative loans and repaying students loans.
Provides information about the U.S. Department of Education's Federal
student financial aid programs and how to apply for them. A Spanish
version of the publication is available.
An interactive budget calculator to help users determine expenses and
estimate total available income, based on the total cost of a user's
education.
An abstract of Frequently Asked Questions (FAQs)on detailing financial aid
resources. The information is also available in Spanish.
Click on the link Article
Is Available Online At to read the full text of the article.
A central database for student aid sponsored by the United States
Department of Education.
Information on the P.L.A.T.O. Loan Program. The program provides funding
assistance to students attending: public or private colleges, graduate school,
and Career or IT training. Users may connect to information on the following
P.L.A.T.O loans: P.L.A.T.O. Higher Education Loan, P.L.A.T.O. Consolidation
Loan, and P.L.A.T.O. Career Education Loan.
Financial aid resources for parents and students. Provides information on
scholarships and loans. Users may apply online for the Parent PLUS Loan,
Signature Student Loan, and MBA and law school loans.
A free searchable database of college scholarships, fellowships, and
educational loan programs for both undergraduate and postgraduate studies.
Users need to register with the site.
A free searchable college scholarship database. Users may create a
personalized profile that is matched to scholarships, grants, fellowships, and
internships. Includes resources on Federal loan programs for students
(Stafford Loans, Federal Direct Loans, Federal Family Education Loan program (FFEL),
and Federal Perkins Loans), and information on PLUS and Consolidation Loans
for parents.
Student
Guide, United States Department of Education
An online version of the publication The Student Guide. The
publication explains the three forms of financial aid: grants, loans, and
work-study. The Guide is available in English and Spanish.
Provides resources on loans for graduate and college students and parents.
Includes information on Federal Stafford, PLUS, and Consolidation loans, and
non-Federal loan programs. Calculators and tips on managing money are also
available.
Provides education resources for students and parents. Offers a searchable
database for high school, college, graduate, and adult students. Includes
admission tips and a college or graduate school finder.
An abstract of an article detailing tax breaks for higher education. The
article lists tax breaks for students planning to attend college, college
students, and college graduates. Click on the link Article
Is Available Online At to read the full text of the article.
MORE on Financial Aid
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Find money to pay for your training and education courses. Avoid
scams and determine eligibility for Federal, state, and other public and
private sector assistance.
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Get
Help in Funding Your Education -
America's Career InfoNet
You may be qualified for Federal or State educational aid. The
Financial Aid Advisor will provide you with an approximate Pell Grant
figure and expected family contribution, and connect you with
additional Federal and State assistance resources.
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Research
Financial Aid -
America's Career InfoNet
Find articles and reports on various topics of the financial aid
process. You can also specify
your own search!
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Find
Scholarships, Fellowships, and Loans -
America's Career InfoNet
Search for private and public sector student aid to help pay for your
education and training.
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Overview
of Financial Aid -
U.S. Department of Education
Learn about financial aid on the U.S. Department of Education website.
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Finding
Out About Financial Aid -
U.S. Department of Education
Use these resources for Federal assistance including loans, grants,
and tax credits, plus how to obtain your financial aid records from
colleges no longer operating.
 |
Free Application
for Federal Student Aid -
U.S. Department of Education
Apply for financial aid available from the U.S. Department of
Education.
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Read
Up on Financial Aid -
CareerOneStop
Explore these links for further information about financial aid and
the opportunities available to you.
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Tax
Benefits for Higher Education -
U.S. Department of Education
Tax breaks are available if you're planning to go to college, if
you're already in college, or if you've graduated and you're paying
back loans on your education.
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Financial
Aid for Businesses -
U.S. Business Advisor
Access financial capital and credit through government programs.
 |
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Financial
Aid Fraud and Liability -
CareerOneStop
Discover common scholarship scams. Learn how you can avoid becoming a
victim.
 |
Pay
for Your Education -
students.gov
Find information on Federal programs, loans, tax credits, online
tools, military assistance, and other resources.
 |
Find
Financial Aid Information -
CareerOneStop
Learn about financial aid information resources available in
CareerOneStop.
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Financial Planning Helpful Tips
About...
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Financial
Planning For College
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This Life Advice pamphlet about Planning for
College was produced by
the MetLife Consumer Education Center with assistance from the
National Center for Financial Education and the Department of the
Treasury.

If you're good at planning ahead...
You may have thought about it before your child was even born, perhaps
while you were shopping for a bassinet and teddy bears. At any rate, you
probably started thinking about it when your child was very young. After
all, it's one of the major responsibilities you face as a parent: your
child's college education.
Personal growth and expanded horizons are reason enough to send a
child to college, but there are more practical considerations, too.
College graduates have more jobs to choose from, and they generally make
more money than people who have a high school education. That makes a
college education very important for your child's future.
Start Early, Early, Early
As a parent with an eye to the future you should start early to save
for your child's college education. College costs have risen consistently
for the past 10 years, and there's little reason to think this trend will
reverse itself. Most cost estimates predict annual increases of 5% or
more. What's more, many people take more than four years to finish college
and some go on to postgraduate studies, so you may need to save even more.
To see just how expensive college is likely to become, take a look at
the chart below.
A child born in 2003 will probably start college in the year 2021,
when a private college education could cost over $69,940 a year! Of
course, these are only average estimates. If you have a specific school in
mind, you may wish to contact the school - now and when the anticipated
date draws closer -for information on tuition costs, how they have changed
and the trend for future increases.
Estimated Cost of One Year of College
Education, Including Room and Board
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School Year
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Public - 4 Year
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Private - 4 Year
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2002-2003
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12,841
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27,677
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2003-2004
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13,483
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29,061
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2004-2005
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14,157
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30,514
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2005-2006
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14,865
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32,040
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2006-2007
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15,608
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33,642
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2007-2008
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16,388
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35,324
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2008-2009
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17,207
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37,090
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2009-2010
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18,067
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38,945
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2010-2011
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18,970
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40,892
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2011-2012
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19,919
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42,937
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2012-2013
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20,915
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45,084
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2013-2014
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21,961
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47,338
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2014-2015
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23,059
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49,705
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2015-2016
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24,212
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52,190
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2016-2017
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25,423
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54,800
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2017-2018
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26,694
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57,540
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2018-2019
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28,029
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60,417
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2019-2020
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29,430
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63,438
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2020-2021
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30,902
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66,610
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2021-2022
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32,447
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69,940
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Cost figures assume a 5% annual increase and use as a base
The College Board Trends in College Pricing 2002 survey data
for the current school year (tuition, room and board,
transportation, books and other expenses).
Source: The College Board Trends in Pricing 2002.
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Clearly, it helps to begin saving early, preferably as soon as the
child is born. The idea is to earn interest on as much money as you can
and pay interest on as little as possible. It's like buying a house: the
more you've saved ahead of time, the less you'll need to borrow. Set aside
or invest as much as you can, even if it's just a small amount from every
paycheck.
Increase your contributions to the fund as your salary increases. Add
extra cash from raises or yearly bonuses, as well as some of the money
your child receives as gifts. Money that comes unexpectedly and has not
been budgeted will not be missed. Also, if your older child has a
part-time job, encourage him or her to put some of those earnings into the
fund.
Strategies for Funding College Tuition
Growth Stocks and Growth Mutual Funds.
Good investments in the stock market have the potential to provide better
returns than fixed-rate investments (such as savings accounts and CDs,
which are generally FDIC insured) - if you have time to let the money ride
the ups and downs of the market. This is a long-term approach to
investing. And remember: What the stock market did in the past is no
guarantee of how it will perform in the future.
The word to look for here is growth. When assessing the growth
potential of a particular stock, look for long-term appreciation rather
than dividends. Growth stocks also allow you to postpone paying taxes on
the capital appreciation realized until you sell the stock.
Investing in just one or two stocks is always risky. If you'd like to
participate in the growth potential of the stock market with less risk,
consider a growth mutual fund. Money invested in such a fund is
professionally managed and is usually diversified over many stocks, which
helps reduce risk. Also, you can start investing in mutual funds with a
relatively small amount of money.
U.S. Savings Bonds (Series EE, Series I).
You need only go as far as your local bank to invest in Series EE or
Series I U.S. Government Savings Bonds. The face values of the bonds range
from $50 to $10,000. EE bonds are purchased at half their face value. For
example, when you buy a $50 bond, you pay $25. I bonds, however, are
purchased at face value. The interest rate paid on these bonds varies. EE
bonds reach face value in a maximum of 17 years and earn interest for up
to 30 years. I bonds also earn interest for up to 30 years, which is paid
when the bond is redeemed.
These bonds can offer substantial tax savings if they're used to pay
qualified higher education expenses. If all requirements are met, no
federal income tax is due on the interest. To get this important
advantage, you'll need to follow certain guidelines. Among them: The
savings bonds must be issued in 1990 or later and be purchased in one or
both parents' name(s)-not the child's. Married taxpayers must file a joint
return. The owner must be at least 24 years old before the bond's issue
date. The bonds must be redeemed by the owner in the year they're used to
pay for qualified higher educational expenses. Qualified higher
educational expenses generally include tuition and fees and exclude room
and board. Talk to your tax advisor and the person selling you the bond to
be sure you've set up the purchase properly. Also, there are income
restrictions on who can take advantage of this benefit. You'll need to
call the Internal
Revenue Service or your tax advisor to verify your eligibility.
Life Insurance.
You shouldn't purchase life insurance unless you need protection. If you
have a permanent life insurance policy paid with fixed annual premiums,
you generally have the option of borrowing against its cash value. Of
course, the amount of cash value available to borrow against varies,
depending on the specific policy. The death benefit will be decreased by
the amount of the outstanding loan. The interest rate charged on such
loans is often reasonable, and in many cases you can pay back the loan on
a flexible schedule. Talk to your financial services representative about
the advantages of life insurance when planning your child's college
education.
Prepaid Tuition Plans (529 Plans).
Certain states, such as Alabama, Alaska, Colorado, Florida, Massachusetts,
Michigan, Ohio, Pennsylvania, Tennessee, and West Virginia offer various
types of prepaid tuition plans, generally for students attending state
schools. Residents of these states can buy a contract or bonds at a fixed
price, based on the rates of college tuition today. Payments can be made
in lump sums or monthly installments. The state, in turn, invests the
money to earn the difference between the amount you are paying and the
projected cost of tuition at the time your child reaches college age.
Those who sign up are fully protected, as the state assumes all the risk
of the investments. Check with your state's
commission on higher education to see if a prepaid tuition plan is
available where you live.
Prepaid tuition plans are not for everyone. They mostly attract
middle-income families who tend to be more conservative in their
investments. Lower-income families using this option may jeopardize their
chances for state aid and forfeit money needed for immediate essentials.
If you're interested and a plan is offered in your state, you'll want to
know if it covers only the cost of tuition, or room and board, too. Also,
check to see if it applies to other than state schools. Finally, confirm
that your original deposit will be returned if your child attends a
private or out-of-state college, is not accepted at a state school or
chooses not to attend college at all.
College Savings Plan (529 Plans).
Certain states such as Connecticut, Iowa, Kentucky, Louisiana,
Massachusetts, New Hampshire, and New York offer college savings plans.
These plans, also known as 529 Plans for part of the United States Code
that governs qualified state tuition programs, allow the contributor to
save as little or as much as they like on behalf of a designated
beneficiary's qualified education expenses. Contributions, considered
gifts by law, may be as little as $25 or as much as $50,000 ($100,000 for
joint filers) in one year, of a five-year period, without incurring gift
taxes, assuming no gifts are given to the same beneficiary within five
years. These accounts vary from state to state. Some may guarantee a
minimum rate of return, others offer tax incentives, and most generally
provide tax-deferral and favorable tax treatment upon withdrawal.
Currently, money withdrawn for qualified education expenses is taxed
at the child's rate. Beginning in 2002 the law will allow tax-free
distributions from state plans for qualified education expenses. Unlike
pre-paid tuition plans, the monies from the account may be used at any
qualified institution of higher learning within the United States. If your
child does not go to college, the money can be used for another family
member's qualified education expenses or you may keep the money and be
taxed at your rate plus a 10% penalty. Check with your state's
commission on higher education to see if a college savings plan (529
Plan) is available where you live. If your state does not have a savings
plan, many states have opened their plans to non-residents. Several
private plans have also been developed.
Hope Scholarship Credit.
Generally, this credit will reduce your tax up to $1,500 per year of the
cost of tuition and fees paid during the first two years of post-secondary
education for joint filers with adjusted gross incomes of up to $80,000
and single filers up to $40,000. This credit phases out as you adjusted
gross income increases and you are not eligible for this credit if you
joint income is above $100,000 and single income is above $50,000.
Lifetime Learning Credit (LLC).
Generally, this credit will reduce your tax up to $1,000 of college
tuition and fees per year through the year 2002 and $2,000 each year
afterward. To qualify for the full credit, a taxpayer would need to spend
$5,000 on qualifying expenses through 2002 and $10,000 each year after.
Parents with more than one child may claim a LLC for one child and HOPE
credit for a different child in the same year. The two credits, however,
may not be claimed in the same year for one child.
Deduction for Qualified Higher Education Expenses.
The new deduction, available in 2002, allows taxpayers to deduct $3,000 of
qualified higher education expenses. The deduction, scheduled to increase
$4,000 before being eliminated in 2005, is phased out for joint filers
with incomes between $130,000 to $160,000 and may not be used in the same
year as the Hope Scholarship Credit and Lifetime Learning Credit.
Educational Savings Accounts.
You are now able to set up IRAs for the purpose of paying college
expenses. Contributions are allowed until your child reaches 18, and
contributions may not exceed $2,000 per child per year. The $2,000 limit
is phased out for joint filers with income above $190,000, and single
filers above $95,000. Contributions are made with after-tax dollars. There
is no tax deduction. This type of IRA allows you to make withdrawals for
elementary, secondary and college expenses. Neither ordinary income tax
nor the 10% penalty for premature withdrawals applies if the distribution
is used for tuition, fees, books, and room and board. Currently you may
claim either a HOPE or LLC credit in the same year as the distribution.
CDs and Bank Accounts.
Bank Certificates of Deposit (CDs) and bank savings accounts are two other
places to put college savings. Although CDs and bank savings accounts are
generally FDIC insured, they generally offer a lower return potential than
other investment vehicles and are most appropriate for those with
short-term goals.
Tax Considerations
Even if you invest wisely and defer the tax liability on savings for
your child's college fund, you'll have to come up with the taxes when you
liquidate those investments. Chances are you'll be faced with taxes at a
time in the future when you are likely to be in a higher tax bracket and
have other additional expenses. You'll need to be sure your investments
earn enough to cover the anticipated taxes.
It's important to note, too, that tax laws are constantly changing and
this discussion of tax rules provides a general overview. Consult your tax
advisor before you begin investing, then check back regularly. If tax law
changes negatively affect your college investments, you may want to move
the money. How and when you move the funds also can affect taxes, so be
sure to talk to your tax advisor first. In particular, some of the tax
provisions discussed above are due to expire after December 31, 2010.
Here are just a few examples of tax considerations affecting college
funds:
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Loans. If you plan to take out a loan to help pay for
your child's college expenses, the interest may be deductible.
Generally, if the taxpayer's adjusted gross income is below $130,000
for joint filers and below $65,000 for single filers the following
interest may be deductible. The deduction is phased out ratably from
$50,000 to $60,000 for single filers and from $100,000 to $130,000 for
joint filers. Students may claim this deduction only if they are not
claimed as dependents on parents' returns.
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UGMA accounts. You can put assets in a Uniform Gift to
Minors Act (UGMA) custodial account for a child. However, if the child
is under age 14, all income earned by these assets above a certain
level (determined annually by the IRS) is taxed at the parents' income
rate, whether or not the parent is the custodian. For children 14
years old and older, the income on assets in a UGMA account is
generally taxed at the child's rate. You should keep in mind that
putting assets in your child's name may reduce the amount of financial
aid he or she is eligible to receive. It is also important to realize
that unlike college savings plans (529 plans); UGMA accounts belong to
the child. At age 18 the account becomes the child's property,
regardless if the child attends college.
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Other Avenues for Revenue
Even if you start early, it may be impossible to save enough for your
child's college education. That doesn't mean, however, that college is out
of the question. You have other cost-saving options available.
Student Strategies.
While they may not be options you should rely on, there are some
strategies students can follow to help reduce their expenses prior to
entering college and once they're in college. For example, many college
students, particularly those who commute to a local school, are able to
work part-time and summer jobs to help subsidize their tuition or simply
for entertainment money. Be aware, however, that money earned by the child
prior to college may reduce his or her eligibility for financial aid. Some
colleges offer cooperative education programs where students rotate study
with periods of career-related work, allowing them to earn money and
credits at the same time. However, it may take more than four years to
complete a degree through a cooperative education program. Ask the college
admissions office about the specifics of their program.
Depending on a child's scholastic ability, he or she may be able to
earn college credits by taking college courses or advance placement exams
while still in high school. First- and second-year college students can
also take College Level Examination Program tests for course credit. These
options can represent a significant savings over the cost of a
full-semester course in the classroom. Check with your child's high school
guidance counselor or with the college admissions office for eligibility
requirements and program specifics.
Another cost-savings possibility is to attend a community college for
the first year or two, then transfer to a more expensive four-year college
to complete a degree. This can be a more affordable approach to receiving
a degree from a prestigious institution that you may have been unable to
afford for four years or which may have been more competitive to gain
entrance as a freshman.
Financial Aid.
Think of this in broad terms. You needn't be the sole source of funding
for your child's higher education. For example, when your child receives a
gift of money, put it into a college fund. When grandparents ask what to
give for birthdays, suggest college fund contributions.
And don't forget the traditional sources of financial aid:
scholarships, grants, work-study programs and government loans. Your
child's scholastic record, course of study, athletic ability and choice of
college are just a few of the variables that may affect the availability
of these options.
If your family meets certain financial criteria, the federal
government has a program of low-interest loans with extended payment
terms. Relying too heavily on loans, however, is costly and can burden
graduates with large debts just when they are working to establish their
financial independence. Also, you should be aware that government
financial aid programs are subject to change.
Home Equity.
If you bought your home when your child was small, you're likely to have
built up a significant amount of equity by the time college is in the
picture. You can tap that resource for your child's education with a
home-equity line of credit. Interest payments may be tax deductible.
How to Calculate Estimated Four-Year College Costs
If you want to start saving regularly for your child's education, the
following steps will help you estimate the amount that you will need to
set aside. Tables 1 and 2 will be used in making your calculations.
Table 1
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Inflation Factor
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Years Until
College
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4%
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6%
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8%
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10%
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1
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1.04
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1.06
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1.08
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1.10
|
2
|
1.08
|
1.12
|
1.17
|
1.21
|
3
|
1.12
|
1.19
|
1.26
|
1.33
|
4
|
1.17
|
1.26
|
1.36
|
1.45
|
5
|
1.22
|
1.34
|
1.47
|
1.61
|
6
|
1.27
|
1.42
|
1.59
|
1.77
|
7
|
1.32
|
1.50
|
1.71
|
1.95
|
8
|
1.37
|
1.59
|
1.85
|
2.14
|
9
|
1.42
|
1.69
|
2.00
|
2.36
|
10
|
1.48
|
1.79
|
2.16
|
2.59
|
11
|
1.54
|
1.90
|
2.33
|
2.85
|
12
|
1.60
|
2.01
|
2.52
|
3.14
|
13
|
1.67
|
2.13
|
2.72
|
3.45
|
14
|
1.73
|
2.26
|
2.94
|
3.80
|
15
|
1.80
|
2.40
|
3.17
|
4.18
|
16
|
1.87
|
2.54
|
3.43
|
4.59
|
17
|
1.95
|
2.69
|
3.70
|
5.05
|
18
|
2.03
|
2.85
|
4.00
|
5.56
|
Table 2
|
|
Investment return, after taxes, of:
|
Years Until
College
|
4%
|
6%
|
8%
|
1
|
.981
|
.971
|
.962
|
2
|
.481
|
.471
|
.463
|
3
|
.314
|
.305
|
.296
|
4
|
.231
|
.222
|
.213
|
5
|
.181
|
.172
|
.164
|
6
|
.148
|
.139
|
.131
|
7
|
.124
|
.116
|
.108
|
8
|
.106
|
.098
|
.090
|
9
|
.093
|
.085
|
.077
|
10
|
.082
|
.074
|
.066
|
11
|
.073
|
.065
|
.058
|
12
|
.065
|
.058
|
.051
|
13
|
.059
|
.051
|
.045
|
14
|
.054
|
.046
|
.040
|
15
|
.049
|
.042
|
.035
|
16
|
.045
|
.038
|
.032
|
17
|
.041
|
.034
|
.029
|
18
|
.038
|
.031
|
.026
|
Source: College Costs, 2000-2001
ed., reprinted with permission from LIMRA International, Inc.,
Hartford, CT 06141.
|
A Step-By-Step Worksheet for Determining College
Costs
(1) Your child's age
|
____________________
|
(2) Enter the number of years until your child begins
college.
|
____________________
|
(3) Enter the estimated current annual cost of college,
selected from the here:
|
____________________
|
(4) Multiply this by an inflation factor selected from Table
1
|
____________________
|
(5) This equals your child's future annual college cost.
|
____________________
|
(6) Multiply this by 2 for a two-year college or 4 by a
four-year college
|
____________________
|
(7) Your child's estimated future college cost
|
$___________________
|
(8) Select from Table 2 the investment
factor for the investment return that you expect to acheive
after taxes.
|
____________________
|
(9) Multiply the estimated cost in Step 7 by the investment
factor in Step 8. This is the amount of money that you need to
put aside regularly each year to fund your child's education;
divide this amount by 12 to obtain the monthly figure, and by 52
to obtain the weekly figure.
|
$____________________
|
Yearly savings =
Monthly savings =
Weekly savings =
|
$____________________
$____________________
$____________________
|
For More Information
REFERENCE MATERIALS
Paying for Your Child's College Education
Marguerite Smith, Warner Books
$9.99
Financial Aid for College: A Quick Guide to Everything You Need
to Know
Pat Ordovensky, Peterson's
$8.95
The Best Way to Save for College: A Complete Guide to 529 Plans
Joseph F. Jurley, BonaCom Publications
$26.95
PAMPHLETS
The quarterly Consumer
Information Center Catalog lists more than 200 helpful federal
publications. For your free
copy write Consumer Information Catalog, Pueblo, CO 81009, call 888-8-PUEBLO
or find the catalog at www.pueblo.gsa.gov
ADDITIONAL INFORMATION
www.collegeboard.com
A 100-year-old, not-for-profit membership association. The mission of
the College Board is to prepare, inspire, and connect students to
college and opportunity. Its members include more than 3,800 schools,
colleges universities and other educational associations.
www.savingsbonds.gov
The official sources for savings bond information
www.collegesavings.org
or 877-CSPN4YOU
College Savings Plan Network
www.finaid.org
The Financial Aid Information page on the World Wide Web. You'll find a
variety of free information including a datbase of 180,000 private
sector scholarships, fellowships, grants and loans.
The federal government is a major source of financial aid. Start by
filling out the free
Application for Federal Student Aid (FAFSA), available from your
child's high school counselor or by calling 800-4-FEDAID.
Revised: 2003
|
Financial aid is also available to anyone who has completed required length
of military service. Here are details:
|
|
Military Education Benefits
Students who are in or have had military experience have numerous
opportunities to take advantage of educational benefits offered through
each military branch or as a veteran. Forms of assistance and benefits
range from scholarships to the GI Bill. Current of future UW System
students may want to consider ROTC.
National and state benefit programs are available to military
veterans. The Department
of Veterans Affairs has information on the GI Bill. The Wisconsin
Department of Veterans Affairs provides Wisconsin veterans with
information on educational benefits and opportunities. Students may want
to contact the veterans
affairs coordinator at the UW System campus they wish to attend for
assistance and information.
The Wisconsin National Guard provides educational benefits for its
enlisted students. Specific information is available on the Wisconsin
Air National Guard Web site and the Wisconsin
Army National Guard Web site.
Information about military branch specific programs should be received
through the branch in which the student is enlisted. The student should
contact the education office or visit the Web sites below to learn more
about scholarship or education benefits that are available. More
informational links are available at the .
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