Planning for your child’s education is one of the most important investments you can make, and Richard P. Bertolino Jr. Insurance Agency is here to assist you with achieving that future. They provide tailored solutions that ensure your child’s educational expenses are covered when the time comes.
Recognizing the significance of this step for your family, the team takes the time to understand your goals and concerns. They work closely with you to create a personalized plan that aligns with your needs, helping you feel confident that you’re taking the right steps to fund your child’s future education.
Contact us now at 978.423.8995 to get started. We can always help you over the phone, but we encourage you to set up a personal consultation with us. This way, we can answer any questions you have, and no details will go overlooked.
College funding refers to the various ways students and families cover the costs of higher education, including tuition, fees, room, board, and other expenses, through sources like grants, scholarships, loans, savings, and family contributions.
Here’s a more detailed breakdown:
Types of College Funding:
- Grants and Scholarships (Gift Aid):
- Grants: Federal, state, and institutional grants are available to help cover educational expenses.
- Scholarships: These are awarded based on academic merit, financial need, or other criteria and can be from various sources, including schools, organizations, and private donors.
- Loans:
- Federal Student Loans: These are offered by the U.S. Department of Education and can be subsidized (interest paid by the government while in school) or unsubsidized.
- Private Student Loans: These are offered by banks or other lenders and may have different interest rates and repayment terms.
- Family Contributions:
- Work-Study Programs:
- 529 Savings Plans:
These are forms of financial aid that do not need to be repaid.
These are funds that must be repaid, usually with interest.
This includes savings, income, and other resources that families use to pay for college.
Students can earn money to help pay for college by working part-time on campus or through other programs.
These are state-sponsored investment plans that allow families to save for future education expenses tax-free.
Key Considerations:
- FAFSA (Free Application for Federal Student Aid):
- Cost of Attendance:
- Financial Aid Packages:
- Need-Based vs. Non-Need-Based Aid:
- Repayment:
- State-Specific Programs:
This is a required application for students seeking federal financial aid, and it is used to determine eligibility for grants, loans, and other programs.
This refers to the total cost of attending a particular college or university, including tuition, fees, room, board, books, and other expenses.
Colleges and universities offer financial aid packages that may include a combination of grants, scholarships, loans, and other forms of assistance.
Some financial aid is based on a student’s financial need, while other aid is not.
Loans must be repaid, while grants and scholarships are free money.
Many states offer their own financial aid programs to help students pay for college.
