Paying for college or graduate school can be an expensive and scary proposition. Whether you are planning for a child's education or going back to school as an adult, here are some tips for making this big-ticket item a little more affordable.
Develop a savings or investment plan.
Estimate education costs and set your savings goal.
The key to any college investment plan is to allow enough time for your money to work for you. Saving now can prevent or reduce borrowing later and save you money on interest.
Maximize your return.
Create a diverse investment strategy that takes into account the amount of time you have, your risk tolerance and the estimated education costs.
Investigate student aid.
To ease the financial burden look into public and private aid. Remember you do not have to save the entire cost of four years of college. There are student loans, scholarships, grants and financial aid programs available to most students. Make sure that you are thorough and review all of your options.