June is an exciting time for high school seniors, with the excitement of
prom and graduation is fresh in their minds.
Many of the soon-to-be high school grads are looking forward to moving on
to college but the lack of a funding plan may dampen their dreams.
The question about how to afford that college education is also at the
top of their parents’ minds. There is reason for those concerns as the cost of higher
education continues to rise, during a sluggish economy. According to a report by CNN last fall, the cost of “studying and living
on campus at the average public university rose 5.4% for in-state students, or
about $1,100, to $21,447.”
The same story noted the main reason for such an increase was the steep
8.3-percent spike in tuition and fees.
So what can concerned parents and students do to ensure they can afford
a college education and start their child on the path of financial
responsibility? Have a Plan and start early.
College funding is like any other dream, to achieve it takes getting
educated on your options, setting realistic goals and sticking to your plan. There
are tools available to help families cope with the growing cost of
college. For example, CNN MONEY has
created this online
college calculator to compare the cost of schools around the country. This will give you a realistic look at what
it could cost and your options.
To help young members learn to save, Community Financial Credit Union
offers free, savings,
student checking & student certificate accounts. With no maintenance fees, low or no minimum
balance requirements and deposit incentives, these types of accounts help members
plan for college expenses.
“We know
the thought of planning to pay for college is intimidating,” said Natalie
McLaughlin, Community Financial senior education partnership coordinator. “That is why we encourage student beginning
in elementary school to think about college and get actively involved in saving
so they can reach their dreams.”
Planning for college is one of the biggest steps to making the post-high
school years successful for the student and parents. It starts with understanding the true costs
and learning the best ways to get your students on the road to financial
independence. There are a number if
government & non-profit sites that can help you start the process and stay
on track. Check out these examples, and
then get started!