Disclosure: This is a sponsored conversation on behalf of Find Your Influence and their advertisers with AZ-529.
There are several funding options available for college with their own benefits and requirements.
Scholarships are free money given with no pay back expectation. They are earned or given based on a set of demographic requirements or academic achievement. I know all too well that scholarships are not guaranteed. After working hard throughout school I earned a full ride to an in state school. My second semester in I took an English class and not one student got above a C in that class. Little did that graduate assistant know he affected the fate of my education and finances. I lost my scholarship.
Grants are similar to scholarships, though sometimes they come with a stipulation; often work related. My husband and I utilized several different teach grants throughout our education. All of which required teaching in specific schools; not always a realistic option when trying to find gainful employment upon graduation. I’ve been lucky enough to wipe the slate on all my grants, but as a music educator it’s been hard for my husband to find a job that meets the requirements.
While there are many funding sources available for college nothing provides the security like a savings account. Scholarships, grants, and even subsidized loans are all dependent on circumstances. An AZ-529 college savings account is completely in your control. You decide how much to contribute. The more you pay in the more interest you earn.
Education is a priceless gift, and it’s the perfect time of year to open a 529 college savings plan. I know my family struggles every year to decide what to get the kids. My oldest already values the idea of savings and stretches his birthday and holiday money every year. What a great way to put his money to use on his future. Consider contributing to a 529 college savings plan in lieu of gifts this year and take advantage of the tax benefits. Just like charitable donations, contributions to a college savings plan are tax deductible.
It’s time to start saving.
Loans are the last resort. They of course must always be paid back. While there are some professions that offer programs to wipe your loans after so many years of service you will still be paying back with interest for a time.
Give them a gift they won’t outgrow. Learn how you can give the gift of education and receive valuable tax breaks at az529.com/gift1