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A 2010 study revealed that saving for college is a parent’s second biggest savings investment. Saving for retirement is first. Of course, when you consider that many families dip into their retirement funds to pay for their student’s higher education, the balance tips a little more toward college.
That’s not necessarily the best approach.
Why Parents Are Borrowing From Retirement to Pay for College
Fortunately for their children, most parents intend to pay for some, if not all, of their child’s education. That’s when financial reality and a host of difficulties set in.
Maximize Your Financial Aid
“How can I get more financial aid?”
That’s a question students and parents seem to ask at almost the exact same time. Of course, the answer isn’t as simple as saying, “Do this and you’ll get more financial aid.” It requires more than financial planning – it requires a complete college prep plan.
One of the best things a student can do to get more aid is to remember that money isn’t just given out based on financial need, it’s also based on merit. RSC’s college prep experts make sure families work toward both.
This way, parents won’t have to mortgage their futures to pay for their student’s present.
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