The cost of education is increasing rapidly and there is pressure to recover more of this cost from students. It is safe to assume that you will have to carry significant costs for your child's education.
Coming up with a minimum of US $50,000 over three or four years is a challenge for most households, and with more than one child enrolled you can expect an even greater burden. There are three possible ways to close the gap: borrow the funds when your child is ready to go to school, pay for their schooling out of your cash-flow at the time, or begin saving and investing to create an education fund for each child. The third option is by far the most prudent, and the sooner you start, the sooner you will get there.
The financial help available to students varies by institution and country. While these sources of help can make a difference, they cannot be relied on to cover the entire cost. Below are some of these sources.
Long-term student loans that mature after graduation must be paid back within a defined period. These loans can leave a debt burden for years.
Short-term student loans can help bridge the gap until funds from another source become available.
Grants may be available for students who achieve high academic standing.
Meal subsidies are available in some cases to students unable to cover the cost of food on campus.
As little as $125 each month, invested prudently for your child's first 18 years, can add up to a fund of $50,000 by the time the child is ready to enter college or university at age 18.
The longer you wait, however, the more you have to invest to make up for lost time. Let Bennett Insurance Group help you understand your Insurance options.
When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140
Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
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