Saving%20For%20College

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Saving For College Jerry L. Basford, Ph.D.
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www.sa.utah.edu/personalfinance Go to
Resources. At the bottom of the page click on
CASH expo May 15, 2009-Saving for College
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Top 10 Things To Know About Saving for College

• Saving for your own retirement is more important
  than saving for college.
• The sooner you get started the better.
• Stocks are an excellent way to save for college
  (in the early years).
• You dont have to save the entire cost of four
  years of college.
• Saving with mutual funds is simple.
• 529 savings plans are a good way to save for
  college and they offer great tax breaks.
• Tax breaks are almost as good as grants.
• The approval process for college loans is more
  lenient than for other loans.
• Lenders can be flexible when its time to pay.
• Many taxpayers with student loans get a tax
  break.

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Top Strategies to Maximize Aid Eligibility

• Save money in the parents name, not the childs
  name.
• Spend down student assets and income first.
• Pay off consumer debt, such as credit cards and
  car loans.
• Maximize contributions to your retirement fund.
• Accelerate necessary expenses, to reduce
  available cash.

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Payback Time

• Pay regular and on time.
• Ask about alternate forms of payment.
• Take advantage of tax breaks.
• Consolidate your loans.
• Seek deferments or forbearance, if you need to.