Talk to an
n
n
advisor in
r
the prior
year.
• Grants are free money that
do not have to be repaid.
• Student loans are real loans that
need to be repaid with interest.
F
Manager at Guardian Credit Union
Many financial institutions offer a
variety of personalized savings accounts that allow parents to specify
their savings purpose. There are
also tools that allow them to earn
differing rates of interest depending on the account balance.
14
FE
DE
RAL
When you take the time to
plan for your education and
let Federal Student Aid help
you along the way, you’ll be
setting the foundation for a
bright future and success in
the workforce.
D
ON
BEY
– Jessica Pigg, Business Development
Submit your
child’s first
FASFA in
January.
• A work-study job gives you child
the opportunity to earn money to
help pay their educational
expenses.
A:
Many families do in fact
set up separate savings
accounts for the purpose of setting
aside money, particularly for paying
for college, whether that is college
tuition or miscellaneous expenses
associated with college such as textbooks, technology and student fees,
food, etc. We have seen many parents
set up these types of accounts with
automatic payroll deductions scheduled to come directly from their paychecks in an effort to ensure they are
setting aside a designated amount of
money for this purpose without fail
and to also ensure that it does not get
comingled with other family savings.
It is very important that parents, and
teens, become methodical with their
approach to college savings.
guidance counselor or
your child’s college
financial aid office
for more
information.
You will need to provide
your persoal tax
information.
After you file,
you will recieve
your SAR.
O
Should we set up a separate
savings account to pay for college?
Complete FAFSA
online at
www.fafsa.gov.
ES
TYP
ASK AN
EXPERT
Q:
A
FA
FS
Follow this path to fund a college
education for your children.
N
Scholarships and state aid
can help cover the cost of
college or career school,
but you may find yourself in
need of federal assistance.
START HERE
AW
AR
DS
An award letter
explains the combination
of federal frants, loans and
work-study a college is offering
your child. The offer might also
contain state and institutional aid. If
they receive award letters from multiple
colleges or career schools, you should compare
them and decide which works best for you.
AID
Submit a
new FAFSA
each year.
ED Once your child leaves school, they will
to begin to
loans.
UC haveDiscuss yourrepay studentoptions
repayment
AT
with the loan servicer.
ION
L
OL
C
Start
saving
for grandkids.
School programs are the primary source of college
funding. Ask what scholarship/aid programs are
available, as well as work-study and alternative
loan programs that may not be generally
publicized.
7 Pursue outside scholarships
Civic clubs, churches and nonprofit organizations
are just a few ways you may be able to secure
additional funding. If it’s a fee-based source (i.e.
you’re asked to pay to apply), be suspect!
www.potentialmagazine.com
Every year, millions of new
students attend college or
career school for the first
time. College or career
schools have financial aid
offices to help guide your
student along the way. Many
colleges and career schools
offer scholarships & aid for
students already enrolled, so don't
give up on finding other ways
to cut college costs.
EG
E
get started.
PREP
AR A
TIO
Many states have college
funding programs. Ask a
Order a poster at
www.potentialmagazine.com
8 Know the tax information
S