BUILDING A FOUNDATION FOR THE NEXT GENERATION OF LEADERS
In collaboration with the American College Foundation, we’re helping future trailblazers pay for the education they need through the Visionary Scholarship Program!
THE STUDENT DEBT DILEMMA: THE HIGH BUT WORTHWHILE COST OF COLLEGE
The cost of college these days makes the conversation about how to pay for it just as important as the conversation about going. In fact, in just the past two decades, tuition prices at private national universities are up 132%, while prices for public universities are up 127% for out-of-state students and a whopping 158% for in-state students.
Worse yet, these increases have outpaced inflation, meaning it’s likely the earnings of the average student, their parents, their grandparents and any other person who may help them pay for their education have fallen behind the price of tuition at a drastic rate. Still, however, the average lifetime earnings for those who graduate from college are nearly double the average for someone with only a high school diploma, so it may be worth it. But it still leaves room for questions, the most important of which is, “How do I avoid treading water with student loan debt?”
THE STUDENT DEBT DILEMMA: THE HIGH BUT WORTHWHILE COST OF COLLEGE
The cost of college these days makes the conversation about how to pay for it just as important as the conversation about going. In fact, in just the past two decades, tuition prices at private national universities are up 132%, while prices for public universities are up 127% for out-of-state students and a whopping 158% for in-state students.
Worse yet, these increases have outpaced inflation, meaning it’s likely the earnings of the average student, their parents, their grandparents and any other person who may help them pay for their education have fallen behind the price of tuition at a drastic rate. Still, however, the average lifetime earnings for those who graduate from college are nearly double the average for someone with only a high school diploma, so it may be worth it. But it still leaves room for questions, the most important of which is, “How do I avoid treading water with student loan debt?”
OUR ANSWER
Our team at Foundation Asset Management has teamed up with the American College Foundation to fight the cost of college with the Visionary Scholarship Program! This program is available to high school students of all ages all throughout the nation.
In just over a decade of existence, the ACF has awarded more than $150,000 to deserving students looking to pursue their professional dreams. A total of 5 scholarships are awarded at each bi-annual deadline, so each year, 10 students receive between $1,000 and $2,500 per year to help them pay for college. We also offer mentorship programs for high school students, and we discuss strategies for college planning, professional direction and standardized test taking.
To learn more about how you can apply for this opportunity, download our flyer below!
FOUNDATIONAL SOLUTIONS FOR PARENTS
For parents and grandparents looking for ways to help their students pay for tuition, books, living and other college expenses, we can incorporate a strategy into an existing financial plan. This includes education about your options for helping your children or grandchildren, as well as assistance with accounts offering different advantages.
For example, did you know the FAFSA Simplification Act of 2020 replaced the expected family contribution, or EFC, with a figure called student aid index, or SAI? EFC previously bottomed out at $0, whereas SAI can reach -$1,500, meaning a student can qualify for more needs-based aid, regardless of how much their family is expected to contribute.
Additionally, grandparent-owned 529 plans no longer figure into eligibility for financial aid, meaning they could be an even more valuable tool for grandparents who want to save for their students. We can help you explore the advantages and disadvantages of 529 plans or permanent life insurance policies, both of which are commonly used to help beneficiaries pay for college.
