Financing a College Education

Paying for college can be one of the largest financial expenditures a parent faces. The cost of four years at one of the nation's top schools is now more than $100,000... and the tab is rising faster than the annual inflation rate. Here are some tips to follow when thinking about those growing costs.

Save early and increase savings gradually.

It's prudent to save a set amount for education each year, as early as possible. Rather than trying to save $10,000 a year when your student reaches high school, you could start saving a much more reasonable amount every year when he or she is a toddler and let compounding interest work for you.

Financial aid is not as hard to find as you think.

There is more than enough financial aid money around if you know where and when to look for it. Despite stories of recent cutbacks, colleges are still getting millions from federal and state governments, as well as their own private endowments. These schools want to spend that money on the students they want on campus. Plus, the federal government still runs a number of loan programs that can help you cover the entire cost of college at a competitive interest rate. Colleges have information about these government programs. Visit FastWeb for the Internet's largest free scholarship search, or the U.S. Department of Education for more information on federal financial aid.

There are also many supplemental loan programs available that are not based on need and have reasonable interest rates. Most colleges also have information on these programs.

For more information about college savings programs, please contact Greater Nevada Financial Services at (775) 886-1468 or (800) 421-6674, extension 1468.