Saving for College
According to the Bureau of Labor Statistics, earnings are higher and the unemployment rate is lower for people who have high levels of education. But it doesn’t take a degree in finance to see the cost of college continues to rise.
In its 2015 report, the College Board showed that public four-year institutions raised prices an average of 3.4% annually between the 2005-06 and 2015-16 school years. Put another way, a $5,000 education in 2005-06 would cost $6,985 in 2015-16. Tuition and fees for private four-year institutions averaged $32,405 for the 2015-2016 school year.
Let your Wealth Alliance Advisor can help you invest in the education of your children, grandchildren and future generations, too.
College Saving Resources
The government’s college and financial aid portal.
The group that administers the SAT test.
The U.S. Department of Education says that all students, regardless of financial status, are eligible for up to $31,000 in federal Stafford Loans over four years.
Source: U.S. Department of Education, 2017
Scholarships can play a large role in estimating how much support your child will end up needing for college. But fortunately, your child doesn’t have to be the high school valedictorian to qualify for a scholarship. In fact, thousands of dollars are awarded each year for the most unusual things.
- Right-handers need not apply. Frederick and Mary F. Beckley offer $1,000 to lucky left-handed students (who also want to attend Juniata College in Huntington, PA).
- Stick It. Duck Brand Duct Tape offers $3,000 to students who go to their high school prom dressed entirely in duct tape
- How Tall Is Tall? Tall Clubs International offers $1,000 each year to a tall person attending college. Get out the measuring tape. A woman must be at least 5’10” and a man must be 6’2” or taller to qualify.
- Candy Connoisseurs Unite. The American Association of Candy Technologists offers $5,000 to students who have exhibited an interest in confectionary technology.
- From “Mr. Top Ten” Himself. David Letterman offers $10,000 to students of Ball State University (his alma mater) who produce an original video, audio, written, graphic or film presentation.
Source: Financialaidfinder.com, 2017