Saving for & Paying for College
Saving for and Paying for College
We cannot stress too strongly the importance of informing yourself about the options for pursuing and funding your education beyond high school and beyond what we can provide you through the Brooksville Education Foundation. As we all know, higher education is expensive and getting more so every year. The time you spend finding out about the many sources of aid available to help pay for that schooling will reward you handsomely.
We urge you to start that process early. For parents, it is not too early to begin thinking about saving and planning for your children’s long-term education the day they are born. The sooner you start, taking even baby steps, the easier it will be down the road.
However, even if you are starting late in the game, help is still available, sometimes from surprising sources. For instance, it might surprise you to learn that the out-of-pocket cost to attend many expensive private colleges is sometimes less than that of attending a public college or university, if you have the grades to get in. Federal law now requires each college to post a net-cost calculator on its web page to show you the cost of attendance after the aid they can provide to you is factored. At older, better endowed, schools much of that aid is in the form of grants, not loans.
For Parents With Young Children
Alfond College Challenge
https://www.500forbaby.org
Each child in Maine receives a $500 grant at birth from the Alfond Foundation to encourage saving for college by their families. The site for this program also has useful information for parents.
NextGen College Investing Plan
http://nextgenplan.com
Maine’s 529 college savings plan, administered by the Finance Authority of Maine.
This is a way to save tax-free for your child’s college future. The site has useful information about college costs and saving for college as well. An added bonus, the state contributions to 529 accounts 50% up $300 annually.
Planning Calculator
http://nextgenplan.com/calculator.html
A very useful, on-line tool for helping you save for your children’s post-secondary education. Similar tools are available elsewhere but this seems to be the best designed.
Financial Literacy & Education Commission
http://www.mymoney.gov
Basic financial literacy with extensive information based on life stages including birth of a child and planning for college.
Government Aid and Information
U.S. Dept. of Ed.: Federal Student Aid
The go-to site for information on the various forms of federal student aid including: grants, loans, tax benefits, and
online help completing the all-important Free Application for Federal Student Aid (FAFSA).
studentaid.ed.gov+
U.S. Department of Education: College Affordability & Transparency Center
collegecost.ed.gov
Most useful feature on this site is the “College Scoreboard”, which gives you relative “value” profiles of colleges you are considering. Also on the site is an explanation of the “Net Price Calculators” that each college must now post on their websites.
U.S. Consumer Financial Protection Bureau: Paying for College.
http://www.consumerfinance.gov/paying-for-college/
Straight talk on student loans, banking, and the net costs of attending colleges you are considering.
Financial Literacy & Education Commission
http://www.mymoney.gov
Basic financial literacy with extensive information based on life stages including birth of a child and planning for college.
Finance Authority of Maine (FAME)
http://www.famemaine.com
The central source of information on state sponsored student aid programs including: grants, loans, and tax benefits.
Opportunity Maine
http://opportunitymaine.org
This is a big deal but often overlooked. It is tax credit worth up to $50,000 for graduates of any college or university in Maine who now work in Maine. The credit is available to help you pay off your student loans. This site has a program description and links to the tax worksheet to apply for the credit when you file your taxes.
Maine Education Loan Authority
http://www.mela.net/loans/
A state sponsored source of “alternative” (non-federal) student loans at rates lower than federal “Plus” (parent) education loans. Available to Maine residents enrolled in any U.S. or Canadian undergraduate or graduate program.
Non-governmental Aid & Information
Maine Community Foundation
http://www.mainecf.org
The single largest source of non-governmental and non-institutional scholarships in Maine. A link to MCF's Scholarship page with information on over 525 scholarships administered by them. It also has a financial aid library with links to other useful information.
New England Board of Higher Education: RSP Tuition Break
http://www.nebhe.org/programs-overview/rsp-tuition-break/overview/
Maine residents studying qualified subjects in public colleges and universities in other New England states receive substantial tuition breaks (up to 50% off published out-of-state rates) through this program.
FinAid: The SmartStudent Guide to Financial Aid
http://www.finaid.org
Informative articles on all aspects of financing your education. One of the best single on-line sources we have found on the subject.
FinAid: Repayment Plans
http://www.finaid.org/loans/repayment.phtml
A detailed explanation of different student loan repayment plans and the cost and benefits of each. Includes loan repayment caluculators for various plans.
We cannot stress too strongly the importance of informing yourself about the options for pursuing and funding your education beyond high school and beyond what we can provide you through the Brooksville Education Foundation. As we all know, higher education is expensive and getting more so every year. The time you spend finding out about the many sources of aid available to help pay for that schooling will reward you handsomely.
We urge you to start that process early. For parents, it is not too early to begin thinking about saving and planning for your children’s long-term education the day they are born. The sooner you start, taking even baby steps, the easier it will be down the road.
However, even if you are starting late in the game, help is still available, sometimes from surprising sources. For instance, it might surprise you to learn that the out-of-pocket cost to attend many expensive private colleges is sometimes less than that of attending a public college or university, if you have the grades to get in. Federal law now requires each college to post a net-cost calculator on its web page to show you the cost of attendance after the aid they can provide to you is factored. At older, better endowed, schools much of that aid is in the form of grants, not loans.
For Parents With Young Children
Alfond College Challenge
https://www.500forbaby.org
Each child in Maine receives a $500 grant at birth from the Alfond Foundation to encourage saving for college by their families. The site for this program also has useful information for parents.
NextGen College Investing Plan
http://nextgenplan.com
Maine’s 529 college savings plan, administered by the Finance Authority of Maine.
This is a way to save tax-free for your child’s college future. The site has useful information about college costs and saving for college as well. An added bonus, the state contributions to 529 accounts 50% up $300 annually.
Planning Calculator
http://nextgenplan.com/calculator.html
A very useful, on-line tool for helping you save for your children’s post-secondary education. Similar tools are available elsewhere but this seems to be the best designed.
Financial Literacy & Education Commission
http://www.mymoney.gov
Basic financial literacy with extensive information based on life stages including birth of a child and planning for college.
Government Aid and Information
U.S. Dept. of Ed.: Federal Student Aid
The go-to site for information on the various forms of federal student aid including: grants, loans, tax benefits, and
online help completing the all-important Free Application for Federal Student Aid (FAFSA).
studentaid.ed.gov+
U.S. Department of Education: College Affordability & Transparency Center
collegecost.ed.gov
Most useful feature on this site is the “College Scoreboard”, which gives you relative “value” profiles of colleges you are considering. Also on the site is an explanation of the “Net Price Calculators” that each college must now post on their websites.
U.S. Consumer Financial Protection Bureau: Paying for College.
http://www.consumerfinance.gov/paying-for-college/
Straight talk on student loans, banking, and the net costs of attending colleges you are considering.
Financial Literacy & Education Commission
http://www.mymoney.gov
Basic financial literacy with extensive information based on life stages including birth of a child and planning for college.
Finance Authority of Maine (FAME)
http://www.famemaine.com
The central source of information on state sponsored student aid programs including: grants, loans, and tax benefits.
Opportunity Maine
http://opportunitymaine.org
This is a big deal but often overlooked. It is tax credit worth up to $50,000 for graduates of any college or university in Maine who now work in Maine. The credit is available to help you pay off your student loans. This site has a program description and links to the tax worksheet to apply for the credit when you file your taxes.
Maine Education Loan Authority
http://www.mela.net/loans/
A state sponsored source of “alternative” (non-federal) student loans at rates lower than federal “Plus” (parent) education loans. Available to Maine residents enrolled in any U.S. or Canadian undergraduate or graduate program.
Non-governmental Aid & Information
Maine Community Foundation
http://www.mainecf.org
The single largest source of non-governmental and non-institutional scholarships in Maine. A link to MCF's Scholarship page with information on over 525 scholarships administered by them. It also has a financial aid library with links to other useful information.
New England Board of Higher Education: RSP Tuition Break
http://www.nebhe.org/programs-overview/rsp-tuition-break/overview/
Maine residents studying qualified subjects in public colleges and universities in other New England states receive substantial tuition breaks (up to 50% off published out-of-state rates) through this program.
FinAid: The SmartStudent Guide to Financial Aid
http://www.finaid.org
Informative articles on all aspects of financing your education. One of the best single on-line sources we have found on the subject.
FinAid: Repayment Plans
http://www.finaid.org/loans/repayment.phtml
A detailed explanation of different student loan repayment plans and the cost and benefits of each. Includes loan repayment caluculators for various plans.
