Planning for college funds is a crucial aspect of College Prep.
It starts from understanding how much college education costs in the US. Costs vary based on:
Financial assistance is something which we need to explore too.
Assistance based on financial status are called Grants. Please check the below link for further details:
Assistance based on merit are scholarships. There are many scholarships available and we do not have to only focus on the large ones. Applying to a smaller scholarships can add up to a large enough sum towards college funds. There are also way more scholarships available compared to Grants. However, some scholarships can be restrictive. So be sure to read the complete information about the scholarship before applying to one. Scholarships are also given based on other traits like leadership, sports, music and other extra curricular activities.
We have also spoken about the various saving options to save for the children including, 529, Roth IRA, taxable regular brokerage and Real estate options. We also have discussed the types of student loans available.
Resources:
https://www.savingforcollege.com/questions-answers/
https://www.nerdwallet.com/article/loans/student-loans/understanding-student-loans
https://www.unigo.com/scholarships/merit-based
https://cssprofile.collegeboard.org/fee-waivers
Podcast Weblink: Madhuram Musings - Episode 24