Tarpey Group

Many people are frustrated at the high cost of a college education. How will you afford a quality education for your children? One way to help them along when the time comes is for parents to obtain financial annuities while children are younger. With the future payments offered by these insurance investments, you can have a guaranteed source of money to put towards tuition. What other ways could you obtain the money for higher education?

• Encourage your children to apply for all the scholarships and grants they can. These basically offer free money for college because they do not have to be paid back. Depending on the organization that offered the funds, the application process may include an essay or interview.
• Fill out your FAFSA application as soon as possible. Applications filled out in the spring of this year usually provide funds for the fall of the same year and the spring of the next.
• Do your best not to borrow. Paying back school loans can often end up being more than a family can handle. When you can’t avoid it, look for a subsidized loan.
• Consider allowing them to take a gap year. This is basically taking a year off between graduating high school and starting college. It can give your child a chance to work and save money.

It is important to talk about the options for paying for college well before the need arises and to avoid overburdening yourselves or your student in later years. With the option of financial annuities available, you can spend money now and have a college fund in the future.

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