DES MOINES, Iowa (7/23/14)--It might be reasonable to assume most U.S. citizens believe college is important, but many still often struggle with figuring out how to finance such a major expense.
In response to survey by the Iowa Credit Union League that once again demonstrated the value people place on a college education--70% of Iowans said a college degree is worth the financial investment--the Iowa Credit Union Foundation (ICUF) has offered up tips on how to tackle paying for school.
"With tuition costs on the rise, it's important for consumers to begin planning their financing as soon as possible," said Jamie Miller, ICUF executive director. "There are many college financing options available, and which one you choose will depend on your individual needs."
The foundation proposes several tips for financing a college education including:
- Start saving now: Whether you're months, years or decades away from paying for college, start saving today, as the earlier the money is put away, the more time it has to grow. Take advantage of college savings calculators to determine how much you will need to save.
- Seek assistance: Speak with an experienced financial adviser about college savings goals and financing options who can present the advantages and disadvantages to each possible method.
- Do the research: There are several options available to finance a college education, including scholarships and grants, prepaid tuition plans, 529 college savings plans, work-study programs and individual retirement accounts. Look into each option and meet with a financial adviser to learn the full benefits of each.