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​Hoods Tax &
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​​​THE INFORMATION IN THIS BLOG IS INTENDED TO PROVIDE GENERALIZED INFORMATION DESIGNED FOR A BROAD SEGMENT OF THE PUBLIC; IT IS NOT PERSONALIZED TAX, INVESTMENT, LEGAL OR OTHER BUSINESS AND PROFESSIONAL ADVICE. YOU SHOULD ALWAYS SEEK THE ASSISTANCE OF A PROFESSIONAL WHO KNOWS YOUR PARTICULAR SITUATION FOR ADVICE ON YOUR TAXES, YOUR INVESTMENTS, THE LAW OR ANY OTHER BUSINESS AND PROFESSIONAL MATTERS THAT AFFECT YOU AND/OR YOUR BUSINESS. ​

How to Start Saving for College; Even When The Sky Is Falling (Part Two)

11/18/2020

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In part two of this blog series, we will be finishing up our list of tips on how to start saving for college, even while we are all dealing with a very difficult year personally and financially! 

Welcome back Goose Creek readers, friends, supporters, and those new to the blog! We are so thrilled that you came back to read the second installment of this blog about how to save for college even when it feels like the sky is falling. We know that this hasn't been an easy year personally or financially for our Goose Creek community, and we know that saving money might be the last thing on your list of priorities right now. We do urge you to continue saving for important things like retirement, college, and for a rainy day as much as you can for the rest of this year if you are able. We know that treating yourself on the holidays and throughout random days throughout this year has made you feel better. Please take it from us that while this can be a temporary salve, this can be a hemorrhage to your finances and your bank account. This year might put us through many challenges, but defeating your bank account does not have to be one of them. You can stay strong both financially and personally, while still being able to find joy in the last few weeks of 2020. We know this has been a very difficult year for our parents, both with first-time students and students heading off to college. We've seen your struggles, we understand them, and we are here for you. With that in mind, let's finish up our list of some of the best tips to save for college even when it feels like the sky is falling. 

TIP FOUR: Keep On Trucking! 
While you want to have as much money saved for when you or your child goes off to school, you don't have to have every penny saved before the first day of class. Having four years of college tuition ready to go on day one of Freshman year? Sure, that's a dream come true, but it's not the reality. You can pay year by year or even semester by semester. There is no one way that you have to pay for college, you have to move with the ebb and flow of what works best for you and your financial journey. We also urge you to continue saving for college and other college related things even after your child has started school. Even if you've saved up enough to pay off tuition and loans, these extra savings can help contribute to continued education for your child, it can help them start off financially after they graduate, or you can add these funds back into a 529 account for a different child. This option of continued savings can help when you're looking at or planning to pay for multiple tuition's for multiple children. 

TIP FIVE: Calling In The Big Guns: Loans and Financial Aid 
One of the very first things your student or you will need to do to get the paperwork rolling to go to school is filling out your Free Application for Federal Student Aid, or FASFA. Based on a number of questions and information about your investments, income, and savings, this will allow you to know how much aid you are eligible for from the federal government. This will also give you options for grants, and both subsidies and unsubsidized loans. This is a yearly process for every year that you or your child is in school, so please keep up with it. FASFA can be a lifesaver in more ways than one. Then, of course, you can apply for student loans, but please do your research. Some student loans come with an extreme interest rate while others can come with a very high monetary price tag. You'll need to keep up with these loans, or you can damage your child's or your personal credit for years. There are three different types of loans you can look into: 
  • Private loans. These you can get from banks, credit unions, and third-party lenders. These have very high interest rates and the individual whose name is on on the loan is fully responsible for it. 
  • Unsubsidized loans. These are federal loans available to anyone that needs them, no matter how much you need to borrow. You are responsible for all interest accrued by this loan. 
  • Subsidized Loans. These are loans from the government for those in need. The U.S Department of Education will pay your interest if your loan goes into deferment six months after you graduate. 

TIP SIX: Where You Least Expect It! 
Sometimes looking for college funds feels like digging for quarters in your overstuffed couch. Everyone has done it, but sometimes these funds might be found in some of the most surprising places! 
  • Work: We briefly mentioned this in part one of this blog, but according to Student Loan Hero, many people don't spend the time searching out loans or support for college from their workplace. This money might not be something that you negotiate in your contract, but something that is already established within your company. All you need to do is approach your company and ask if they have scholarships for your dependents. According to WorldatWork, almost 85% of employers do offer benefits like tuition reimbursement. 
  • Churches: Not everyone is involved or connected to a religious organization, which we understand. For those who are, your Church can be a great place to look for educational support and funds. For example, according to Student Loan Hero, both the Episcopal Church and the United Church of Christ offers many different kinds of grants and scholarships to families in their congregations. The United Methodist Church offers more than 40 different kinds of scholarship opportunities. 
  • Unions: Many of our towns and companies still have strong operating labor unions and other professional associations. For family members of retired and active members of multiple unions, there are scholarship funds and money waiting to be claimed. The railroad, which has one of the oldest operating unions in the United States, offers scholarships to member's children and grandchildren. 
  • The Military: This might not be an unknown source of college funds, but the amount of scholarships and the opportunities available to prospective students is incredibly substantial. If you are apart or have been apart of ROTC, are a veteran, or are related to a veteran, there are so many different assistance programs, service organizations, and scholarships waiting to be claimed for your service or in thanks to the service of your loved one. 

There you have it! Six of the top tips and tricks on how to start saving for college or receiving college funds. Remember, with any savings situation, you have to find what works best for you and your family. While you're saving, you still have to find a plan that allows you to still lead a successful and happy life. There are also so many ways to start saving and preparing for school, these are just some of the many options available to you. We encourage you to go out there and do your research. If you have any questions or need help, we are just a phone call or click away! Remember, if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!


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