Collegebris a significant investment and how to pay for it can be a major source ofbrconcern for parents and students. However, there are ways to reduce the amountbrof debt you take on when preparing for higher education.
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Outstanding studentbrloan debt has now reached $1.2 trillion, according to 2013 estimates from thebrConsumer Financial Protection Bureau. Yet there are ways to help reduce thebramount a family or student has to borrow to fund a college education, ifbrfamilies start early.
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“It’s never too latebrfor families of college-bound students to reduce costs, if they considerbroptions well before senior year,” said Cynthia Tidwell, CEO and president of RoyalbrNeighbors of America, one of the first women-led life insurers in the U.S.
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Royal Neighbors has alsobrawarded more than $4 million in college scholarships since 1962. “The key is to think creatively —brwhether it’s earning college credits in high school, using financial tools thatbrallow for cash savings, or researching scholarship options — don’t mortgagebryour own financial future or saddle your child with debt that could keep her orbrhim from reaching their dreams,” Tidwell added.
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Four Ways to Reduce College Costs
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1. Earnbrcollege credit in high school. Many high schools offer students thebropportunity to earn dual high school and college credit, before college,brthrough advanced placement (AP) courses. You can learn more about AP programsbronline.
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2. Considerbra community college. Average annual community collegebrtuition and fees are less than half those at public four-year colleges andbruniversities and one-tenth those at private four-year colleges andbruniversities, according to a 2008 report from the National Center of EducationbrStatistics.
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3. Learnbrabout college savings financial options. There are manybrdifferent financial products to help save for college. Under certainbrcircumstances, some colleges and universities lock in tuition for all fourbryears. Even certain life insurance policies offer cash savings options to helpbrpay for expenses such as college tuition, weddings, or starting up a business.brLook for permanent or whole life policies with cash value accumulation options.
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4. Researchbrscholarships early. Scholarshipsbrare available for traditional and non-traditional students, but don’t waitbruntil senior year to research. Some require organizational membership,brvolunteer hours, or criteria that may take time for the student to be eligible.
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“Royal Neighbors of America believes that every woman andbrher family should be financially secure and that education is the key to abrbrighter future,” said Tidwell. “Don’t be discouraged by rising collegebrcosts. There are ways to save ifbryou plan ahead.”
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To learn more about scholarships and other member programsbravailable through Royal Neighbors of America, log on to www.royalneighbors.orgbror call (800) 627-4762.
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