College Money Matters for the Whole Family
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As recently as the 1970s, professional money managers advised people that the two most expensive purchases in their lives would be a house and a car. By the early 1980s, though, the auto purchase was knocked out of second place by an item whose cost has continued to climb ever since—funds for a college education.
If you are leaving the military with full benefits and entitlements, then there are various ways to get college funds for your continuing education. Any number of people—at the colleges, in the financial aid offices, in the Veterans Administration—are ready to help you with the paperwork and the procedures that will open the college funds piggybank for you. The Internet, of course, is a virtual library at your fingertips, with all of the information you could possibly need about this subject. A good place to start your search for scholarships for college is FastWeb, they'll help you find the loans that you qualify for.
There are other reasons that young adults may think about college funds, even after finishing their educations. Parents who want to do the utmost for their children will start a savings plan for their kids' educations, with the first dollars often going into the account before the babies are even home from the hospital. As with any investment, the sooner you start, and the more you put in, the better the results will be.
Such investments should be made with the assumption that all college funds will have to be earned from the investment. In this case, when the time comes for college and the child has earned some scholarship assistance, the parents may even end up with extra money from the investment. However, a companion assumption is that all of the investment funds will be needed for the college costs, so people should not make any plans for the "college account" other than paying for college. After all, college is the best place to use college funds, right?
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