Financial

Saving for college: Tips for financial planning

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GRAND RAPIDS, Mich. (WOTV)- The majority of American families view paying for their children’s college education as an important financial priority. Saving up ample amounts of money to send your children to school may oftentimes feel like an overwhelming commitment, but it does not have to be complicated! When it comes to seeking higher education, it is never too late or early to begin saving and exploring payment options. 

Here are a few tips to consider when discussing college planning:

  • Educate yourself about college costs, including tuition, room & board, books, fees and travel.
  • Create a plan for how you will pay for college. Every family will have different needs, resources, time frames and personal approaches.
  • Identify sources of money to pay for college:
    • –  Current income
    • –  Savings, such as 529 plans, Coverdell Education Savings Accounts, and bank accounts
    • –  Government loans, private loans, and permanent life insurance loans
    • –  Financial aid, grants and work-study
    • –  Scholarships: There are thousands of scholarships offered by private corporations, organizations, foundations and individuals. Also, check your local community and civic organizations for scholarship opportunities.
  • A simple way to reduce the cost of college is for your children to attend community college for 2 years, and then transfer to a 4-year school. Many schools work cooperatively so the transition from community college to 4-year school is smooth.

Mass Mutual can help you reach your college savings goals! For more tips on planning and paying for college visit MassMutual.com  

(Sponsored by Mass Mutual MidMichigan)

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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