University Or College Tuition Strategies

Sep 7, 2011

By Staff writer State Farm™ Employee

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 to get you started.

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.

Learn About Investing In Mutual Funds

Don't forget to continue to save for your own retirement. Mutual funds are a great way to go about it. 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.

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Tags child, college, family, financing, future, university

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State Farm Investor Services (Canada) Co. Aurora, Ontario
Life Insurance and Annuities Issued By:
State Farm International Life Insurance
Company Ltd. Aurora, Ontario
Copyright 2011, State Farm Mutual Automobile Insurance Company.
Canadian Head Office: Aurora, Ontario

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