I Always Knew They Would Go To College, I Just Never Planned On Paying
Nine out of ten families knew their children would go to college, but only 4 had a plan. That’s the latest report from Sallie Mae and Ipsos’ ‘‘How America Pays for College 2017’. Now in its tenth year, the report notes that parents and students equally share the costs of paying for college. Additionally, families are increasing their knowledge of costs and planning within their means. In fact, nearly half of all families have used grants and scholarships to pay for college. Almost all families have taken steps to reduce college costs, such as having students live with their relatives.
Ways to Find Scholarships
The library helps students reduce college costs. We have the most modern collections of Scholarship directories available at both libraries. Click here to view what we have available now. There are also websites like Peterson’s and The College Board that list scholarships online. And, don’t forget to fill out the FAFSA and the TAP application to be eligible for any federal or state grants.
How to Win Scholarships
It’s one thing to apply for a scholarship. The goal is actually to win one. The library has books to help you win, too. Click here to see what we have on winning scholarships.
An easy way to think about paying for College
Use the money you don’t have to pay back, like scholarships, grants, your income, and savings. Then, explore what federal student loans are available to you. And finally, research private student loans carefully. Because of the lack of benefits compared to federal student loans, a private student loan should be your last option.
If you have a young child, saving early is your best decision. That’s because the longer the save, the more you earn. It’s known as compound interest. In short, compound interest works when your interest gains interest. A 4% rate on $1000 will give you $40 in a year. But the following year, you would get a 4% rate on your $1000 plus the $40 interest. As the years go on, the additional interest compounds and you end up with considerably more than had you started later. You may want to consider a college savings plan, such as a 529. More information about 529 plans can be found on Consumer Report’s Web site. You have access to the full site with your Patchogue-Medford Library card, on the Research A to Z page.
We also still have one appointment left for Credit and Debt Counseling on August 8th at 6:30 PM. Click on the link to register. To see if there are more financial literacy events, search for financial literacy in our event calendar.