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Tips about Saving for College

The Dream of College is Alive and Well

Keeping that dream of higher education within reach

A survey Preserving the American Dream of College: A National Report on Parent’s Attitudes and Practices, sponsored by OppenheimerFunds, Inc. in 2009, surveyed some 1,001 parents across the country about their dreams for college –and what they’re doing to help their children get and stay on the right path to realize those dreams. Below are helpful tips and resources for keeping a college education within reach:

  • Don't be discouraged if the numbers seem challenging.

  • Most families pay for college using a combination of sources, from savings and pre-purchases of tuition to present income and financial aid, including grants, scholarships and educational loans.

  • Your child may have access to other sources such as community-based scholarships to help pay for college.

  • If you have not saved or purchased the full amount of tuition and mandatory fees by the time your child is ready for college, use online resources to research aid and scholarship options.

  • Get started with a consistent plan; the more you save or pre-purchase before college, the less you may need to borrow and pay back with interest in future years.

  • The College Board EFC Calculator can help you estimate your Expected Family Contribution (EFC), which represents the amount colleges may expect you and your child to pay for a year of college, a rough starting point for financial aid decisions at colleges that offer Federal financial aid.

  • Every college and university has a “Net Price Calculator” on its website; use this tool to determine the approximate cost of attending that school.

We value greatly the services Private College 529 Plan has provided. It saved us a lot of money that we were able to apply to our daughter’s education and general welfare. I strongly recommend it to others.

Richard A. Alayon, Esq.