State Farm® can help you find ways to make post-secondary education more affordable.
We understand that tomorrow's tuition bills can be overwhelming, and we're here to help.
Here are some ideas:
Start saving right now. The longer the time frame you have to save, the more you benefit from compounding interest on your principal.
Be sure you set monthly savings goals, and don't deviate from them. To meet those goals, devise a savings plan.
... but also save smart.
Learn about Investing in Mutual Funds
Don't forget to continue to save for your own retirement. Most universities don't consider your retirement plans when considering financial aid for your children.
Another tip: Don't place all of your child's education savings in his or her name. This could hurt their chance for getting aid and loans.
Investigate financial aid.
A variety of financial aid programs are offered by the government, as well as from the university of your choice.Visit your library for helpful books on financial aid sources, and surf the Internet for websites that do the same.
Look into prepaid tuition plans.
Many colleges and universities now allow you to start paying tuition years before your child is admitted. This is a particularly good idea if your heart is set on sending your child to your alma mater.
Take a second look at your insurance policies.
Make sure you have enough Life Insurance to ensure that your or your spouse's death doesn't prevent your children from going to college.
