Going to college is a very exciting time in a person’s life. For families, a college education is another expense but it is also an important investment. Financial Aid can help you pay for a college education however in most cases, the financial aid offered by a college or university does not cover all expenses at that school.
In addition, some of the Financial Aid you may receive can be in the form of loans. The loans you or your parents borrow for your education must be repaid. You should consider the expected expense of the school you are interested in attending to determine if you think it will be affordable.
The following are ideas for families that can help make a college education more affordable. More detailed information is available by visiting "Pay for College" at Mapping Your Future's website.
Save for College: It is important for families to save in order to help pay for college. There are programs that assist families with saving money.
Financial Aid: Families should apply for financial aid each year the student plans to be enrolled. Families should follow the school's financial aid application process and in addition, search for funds on their own.
Tax Credits: Once a student is enrolled, there are tax credits and deductions available for families who have paid some of the school expenses. Families should contact their tax preparer or visit the IRS website for more information.