College Admission Help

College Admission Help: College Costs Rise Much Higher Than Average Annual Rate Of Inflation

By Dennis J. Meyer
Meyer Financial, Strategies
According to the College Board, the tuition and fees last year increased an average of 6 percent and over the past five years rose 35 percent. Web sites such as www.ed.gov and www.collegeboard.com are full of calculators, current costs and sources of funding.
For example, ed.gov lists grants that you can apply for online. Sponsored by the U.S. Department of Education, this Web site should be checked periodically because grants are listed as they become available, and each grant has an application closing date.
If you're a year or more away from having to pay college costs, consider the Indiana 529 college savings plan. This plan has various enrollment date portfolios that range from a blended mix of funds proportionately allocated from a conservative cash and bond position to an aggressive all equity/ stock position.
For example, if the student is entering college 10 years from now, you could allocate contributions to the moderately aggressive Enrollment 2019 Portfolio. Likewise, if college entry is next year, the conservative Enrollment 2010 Portfolio should be the considered funding vehicle. Plus, Indiana households that contribute to the Indiana 529 College Choice Savings Plan receive a 20 percent tax credit on up to $5,000 of annual contributions. Because there are many variables that may affect a college fundraising effort, a financial and tax adviser should be consulted.



College Admission Help: College Costs Rise Much Higher Than Average Annual Rate Of Inflation