Page 6 - Extra River Valley and Ozarks Jan 2015

6VV • SUNDAY, JANUARY 25, 2015 EXTRA ADVERTISING SUPPLEMENT TO THE RIVER VALLEY & OZARK EDITION OF THE ARKANSAS DEMOCRAT-GAZETTE
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Tips for making school
ew expenses worry parents as much as the rising cost of education. Whether a child has just entered a preschool program or is about to enroll in college,
the cost of that education figures to be considerable.
Expenses vary depending on the school, but parents who enroll their children in private schools can expect to pay several hundred dollars per month for their youngsters’ education. When those kids are ready to head off to college, those expenses will rise considerably.
Although public education is less expensive, it is not without expenditures. Supplies and fees associated with extracurricular programs may stretch parents’ budgets even further. Parents commonly look for ways to mitigate education costs, and the following are a few ways to do just that.
Need- and merit-based aid
Education costs can be staggering, but the sticker price is not necessarily what families will have to pay out of pocket. Many students receive financial aid, which may come in the form of grants, scholarships or low-interest loans. Students who want to be considered for financial aid will have to apply and provide information about the family’s finances.
Scholarships are typically awarded for
academic achievement and are not exclusive to people with limited financial means. Schools may offer scholarships directly, or students may need to apply through private organizations. Certain groups may sponsor education grants that help students who meet certain criteria finance their educations.
“Institutionally funded academic scholarships, privately funded scholarships and community-based scholarships are available to students at the University of Arkansas Community College at Morrilton,” said Mary Clark, chief information officer at UACCM. “Institutional scholarships include scholarships based on academic performance, including college-entrance- exam scores, demonstrated technical skills and abilities, and skills competition placement, such as SkillsUSA.”
Students at Arkansas Tech University in Russellville can benefit from the generosity of donors to the Arkansas Tech Foundation through a number of private scholarships, said Sam Strasner, director of university relations at ATU. Students may apply for those scholarships, which carry a Feb. 28 application deadline, at www.atu.edu/ givetotech.
Education costs can be staggering, but many families can qualify to receive financial aid, which can come in the form of grants, scholarships or low-interest loans.
Financial aid may even be available to younger students. Many private high schools and K-12 academies have their own assistance programs, and it never hurts to speak to administrators about payment options and whether there are any programs available to make tuition more affordable.
“One critical step in learning all the possibilities for gaining financial aid for college is to complete the Free Application for Federal Student Aid,” Strasner said. “Through the United States Department of Education, federal student aid provides $150 billion in federal grants, loans and work-study funds each year to more than 13 million students.”
Individuals can complete the FAFSA online at fafsa.ed.gov.
Work ahead
High school students may be eligible for Advanced Placement, or AP, courses that count for college credit. That means being able to take college-level classes in high school without having to pay college-level costs. AP courses may be more challenging, but students who qualify for AP courses can save time and money.
Students transferring into college after military training or directly from the workforce may be able to earn college credits for such experience. The more credits a student earns through such opportunities, the less that student has to pay to earn his or her degree.
Budget in advance
It’s never too early for parents to begin saving for their children’s education. Ask friends and family members to contribute to college funds when giving holiday or birthday gifts instead of providing toys or other material items. Establish tax-deferred or tax-free educational savings accounts that will accrue through the years and make schooling costs more affordable. For example, 529 plans in the United States allow relatives to set aside
money to help children or grandchildren save for college.
Parents should consult with financial planners to determine the best ways to create educational savings accounts. Financial experts will understand tax loopholes and programs that make it easier for parents to save money for their kids’ education.
Get a job
Many school employees are entitled to discounts or even free tuition for their children. Working for a local high school, college or university can alleviate the concerns parents have about paying for their kids’ education. And teachers are not the only professions in demand. Schools need administrative staff, IT professionals, recruiters and marketing personnel.
“The students in our career and technical programs can acquire the in-demand and high-wage job skills needed in their local community,” Clark said. “The affordable tuition and financial-aid and scholarship programs make an education accessible for almost anyone.”
Sibling discounts
Schools often offer discounts to parents who enroll multiple students in a school at the same time. Consider having children attend together to qualify for these discounts. In addition, determine if a parent or grandparent’s alma mater offers tuition discounts to future family members who attend the same school.
Apply online
Some institutions waive application fees if paperwork is filed online. Costs can quickly add up, and avoiding application fees is another way to trim education costs.
— Courtesy of Metro Creative Services, with contributions by Cody Graves, special sections writer