This is an important question for students (and parents of students) who intend to further their education after high school. Since the average American family pays well over $20k per year in tuition fees, very few have that kind of cash on hand. Here is a breakdown of some of your options for funding college.
- Gifts – While this is a very small percentage of your overall ability to pay, you want to make every penny count. So whether your uncle gives you a check in your graduation card or your grandparents offer to pay for your books, use this money wisely.
- Loans – This is one of the three main ways kids pay for college. Many end up with tens of thousands of dollars in debt when completing school, making it important to find the right loans so you don’t spend the rest of your life paying interest on your education.
- Out-of-pocket – Believe it or not, parents spend double what their kids do on out-of-pocket expenses for college.
- Grants and scholarships – About a third of schooling is covered by federal grants and various scholarships provided by universities and third parties. And there is plenty more that goes unclaimed each year.
Help in Planning Ahead for College Funding
College Planning Source is here to help families with all of their college admissions and financial planning needs. To get the help your family requires, give us a call today at 858.676.0700, or you can submit our online contact form.