What Are Some Alternative Ways Besides College Saving Plans To Finance College Education?
In accordance with the United States Department of Education, all of those families who have their children studying into colleges have about three sources to finance their education, as before college, they did not have to spend any money on their child’s education. Families with children in college today rely primarily on the following three sources for college expenses: personal savings, current income, and loans. Precisely the percentage of students who receive some form of financial aid exceeds fifty percent. The financial aid is usually in the form of grants and scholarships, work-study programs and sometimes loans to students and / or parents. A very small percentage of parents are able to afford the college tuition fees with the help of their current income. However in the case of personal savings, it definitely proves to be a much more prudent option than loans or financial aid as it is usually a liability, which becomes a burden for both the students and their parents in the
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