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Affording Higher EducationAid is available from a variety of sources to help you and your family meet the cost of paying for a higher education degree. Families should approach the process of planning for college as a partnership. It begins with the parents, but it also includes federal and state governments, private scholarship agencies, and colleges and universities. With careful planning and a little homework, families can gather a wealth of information to help them understand the various options they have to pay for college. Parents and students are primarily responsible for financing their higher education through pre-college planning and savings, current annual income, and future income through the repayment of loans. But they are not alone. Parents and students are finding ways to successfully afford a college education. Seventy percent of full-time students across the nation receive some form of financial aid, and most aid is awarded on the basis of financial need. And while it is true that those with savings are expected to contribute more toward their child's education, the formulas used by the federal government to determine this calculation usually consider annual income more than savings. Families should save for their child's education, apply to college early, research all funding options, and fill out all financial aid forms. Money set aside for college helps families meet their expected family contribution and gives them confidence as they begin the application process. |
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