Paying for college at the time of financial crisis


Even if you made it through the storm, mortgage foreclosure, the sky is not sunny and bright economic future of their own yet. If you have children who need to get an education, and pay for college is not an easy task. Many adults are planning to retire, and before they know their children are near the University of age and there is so much money that the college savings plan than expected.


It's not too late yet! Although the cost of college is increasing (on average tuition, room and board in 2009 was $ 18.659), there are still many steps you can take to save the future of their children.


Start saving today with a tax-free 529 savings plan. The money saved in a 529 to go towards education and related expenses, but it can be used for books, rent, food, even a new computer for students. There is no income limit for money, but if your child is over 17, you should play cautiously on the market for more than 15% of holdings in stocks. If you have questions about the 529 plan, talk to a financial advisor.


Finally, most universities know that most Americans can not afford college without help. But make sure your family is not forgotten when aid is given to the University by completing the Free Application for Federal Student Aid (FAFSA). This will put you in the large number of families eligible for scholarships and loans.


Find local, state, donations and community organization. Millions of groups offer scholarships to qualified small. $ 500 may not seem large enough to make a difference, but enough to buy books, and if you get more than one prize is even better. Scholarships are not just for the poor and disadvantaged, anyone can get!


And finally: tax credits. The tax credit gives families the hope scholarship $ 2.500 against the tuition, fees, books and equipment for the school (for those who qualify).