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Paying for College Education in North Dakota
Paying for an education after high school requires financial planning. It is important to understand that both the student and parents will be considered as the first resource to pay for the educational costs. Any amount of money saved today will help. It is a common mistake to think that saving money will prevent a student from qualifying for financial aid. It is true that when you complete the Free Application for Federal Student Aid (FAFSA), you provide savings and other assets which are used to calculate your Expected Family Contribution (EFC). However, the formula also provides allowances such as the age of the parents and their need to save for retirement. Remember, any savings will help reduce the need for borrowing money, a situation which requires years of repayment.
Savings Options
Once you've determined how much to put away, you need to decide where it
should go. Opportunities for investing your money are numerous and varied.
Begin thinking now of the investment portfolio that will help you earn
at least a portion of what your child will need for their education.
While your college years may seem far away, you will be better able to
meet the challenge of rising college costs if your family starts planning
today.
If you have children that are not entering college at this time and want
to know the approximate cost of sending them to college in the future,
check out the document below. It shows a listing of approximate college
costs for children ages 1-18 based on a North Dakota resident living on
campus with a 5 percent annual rate of inflation. Also provided are other
ways you can begin to save for college.
The figures provided are estimates. For specific information, contact the individual college or university of your choice.
Future Costs for College Education in North Dakota (PDF 225KB)
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