Helpful Hints for Identifying College Scholarships

College is extremely expensive. Whether you are going three for your undergraduate program, or a three year graduate program, you need proper funding. For this reason, many people look to scholarships in order to fund their college education. You might think that getting a scholarship is difficult.

However, you should be aware that there are literally thousands of different types of scholarships that are available to you. It is true that some scholarships are highly specialized and require very strict qualifications. However, with a little patience and work, you can find many scholarships that you can apply for today.

Research: when you want to apply for a college scholarship. The first thing that you will want to do is begin researching the various types of scholarships that you may qualify for. There are many sources of scholarships available to you on the Internet or through your guidance counselor.

One place that you may look that you may not have considered is through certain companies. If your parents have worked for a large company or firm for many years, they may offer scholarships to employees children. Check these scholarships very carefully to see if you qualify.

In addition, if you have worked at a company as a student, you might also qualify for some type of scholarship offer through that company. You also want to look at scholarships that are offered to students who have a particular area of interest.

For example, if you are interested in majoring in journalism, then you will want to look at specialized scholarships that are available to you. Look at all of your possibilities and get your information and facts in order and you might be surprised at how many scholarships are available to you.

Paperwork: The next thing that you will want to do when you begin identifying College scholarships is to get your paperwork in order. This means that you need to have already taking your college entrance exams such as the SAT and the ACT.

Think surely you have your high school transcripts available, and even have letters of recommendations already available to send off with your scholarship applications. Most scholarship committees want to see the types of things that you have done throughout high school.

Make sure that you have all of the information about your extracurricular activities, volunteer work, work and part time jobs or other areas of interest available and ready to go when you apply for scholarships. When all of your paperwork is in order, you will have an easier time applying for college scholarships.

Read the application: when you apply for a college scholarship, you will want to read the application very carefully before sending it off. Make sure that you know, what is required out at you before you put it in the mail.

There are so many people that apply for scholarships that an incomplete or messy application will be thrown in the trash immediately make sure that every piece of paper and information that the scholarship committee wants to see if they are in your packet.

In addition, make sure that everything is a neat, and even somebody to proofread your essays and other information. You have one chance to make a good impression, so stay diligent in your efforts.

Patience: Of course when you have college scholarships, you will need to remember that the competition out there is extremely fierce. You need to be diligent and apply for as many scholarships that you possibly can. Also be patient about your results--you certainly will not get every scholarship you apply for. However, if you work hard and do your research, you may be surprised to find out that you have been awarded.

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Financial Know-How for New College Students

If you are a prospective college student or already in college, you should know that there is a whole industry out there waiting to take your money. As a new college student, it is important that you pay close attention to how your money is being spent.

It can be very easy to lose track of your money, especially with the stress of being on your own for the first time. Here are some tips for gaining financial know-how if you are a new college student.

New College Students – Know that You Are a Target

If you are a new college student, you should know that there are a lot of people out there who think you are an easy target. Credit card companies, private lenders, cell phone companies, and yes, even booksellers, all roll out promotions and advertisements in the hopes of catching the attention of young college students.

Walk through any college or university during the first week of classes and you are bound to come across dozens of tables set out to get college students attention. Know that these companies are relying on your financial inexperience. Watch out for promotions that seem too good to be true. They probably are.

High Interest Credit Cards – The Bane of the New College Student’s Existence

What is perhaps the most important thing to remember if you are a new college student when it comes to taking charge of your finances? Credit cards, or perhaps more specifically, high interest credit cards.

Did you know that credit card companies will specifically target college populations? Credit card companies are well known for drawing in college populations with promotions, maybe a college sweater or gift card, and with their promotional annual percentage rates. Note the word ‘promotional’.

That means that what seems like a very good interest rate may only last you for a few months, and then the credit card takes on much higher interest rates. Be very wary of so-called student credit cards with promotional low interest rates. Read the fine print very carefully, and never sign up for a credit card just because of the cool promotional gift. It could end up costing you hundreds of dollars!

Making Sense of Your Financial Aid Package

Financial aid packages can definitely be confusing. There are subsidized student loans, unsubsidized student loans, work-study funds, grants, and scholarships. When it comes to understanding your financial aid package, it can be tough to crack the jargon that usually accompanies most of these packages.

Let’s tackle one of the most confusing aspects: the difference between subsidized and unsubsidized student loans. On the whole, subsidized federal student loans are the most desirable. These allow you to lock in low interest rates, and do not begin to calculate interest until after you graduate.

Visit Your College’s Financial Aid Office

It happens to almost every college student. Inevitably, there will be a problem with your financial aid package, there will be a problem with your financial aid funds, you will be asked to turn in supplemental forms, or you will simply not understand part of your package and you will want to ask a question.

By all means, try to ask any questions you may have about your financial aid package before school starts. You don’t want to have to stand in the mile long line that trails out of the financial aid office on the first few days of school across every college campus in the United States.

If you have to stand in line, try to get there first thing in the morning, even if it means dragging yourself out of bed. Also, make sure you bring every piece of information you may need, including any forms, correspondence, and tax forms that you may be asked for.

Sound Reasons For Multi-State 529 Contributions

Getting your kids through college seems to be rising rapidly these days and one way to help curb the cost is Multi-State 529 contributions. What exactly is 529 contributions and how do they effect your child's education? With the mounting cost of education many parents and even grandparents have to choose between retirement savings and putting kids through college.

The 529 college savings plan is an alternative that many people are looking into to bridge the gap between the higher costs and what they kids can't afford. The Multi-State 529 college plan lets you save money free of state and federal taxes and use it tax free as long as you are using if for higher education.

These 529 contributions can be used for public or private schools. Many people wonder where the 529 code comes from. The code comes from the IRS to distinguish the tax saving plans and the savings these programs can do for their users.

These multi-state 529 programs are something people are looking deeper into as many sound reasons can be explained for their popularity. These tax programs are used in most every state and the District of Columbia. This is one of the main reasons for the popularity.

A lot of times these programs can be moved state to state which is a plus if your are moving and you are enrolled in these programs. In usually varies state to state so check into where you’re going before you decide. Tax breaks are another very sound reason to use these 529 plans and that is something that varies very much depending on where you live.

Each state that has their own program usually regulates it. This means one state could give you a better break than another. Always remember even though these programs are on the same basic premise it doesn't mean they are exactly the same. Look them over carefully.

529 programs are one of the things if started early you can really see the benefits down the road. Depending on which state you’re in and their program you can save yourself a lot of money. the key though is to get in early and keep a steady investment over the years. Some state institutions will actually let you lock in a rate now even if your son or daughter goes in five or ten years.

Now with that program it varies with each university. These programs give grandparents a chance to put away money for their grandchildren and make a difference in their future, which makes them feel good and worthwhile. 529 programs also give grandparents tax breaks by their contributions which when they die leaves less of a tax burden for their kids.

To get the most of these 529 plans the key is to start very early and learn the in's and out's of the programs. Not every one is equal and some our better than others. As with any investment you should look carefully at the plan you want to use.

As costs increase more people will look to these 529 programs and kids are even looking at them to help defray some of the cost of higher tuition bills. Making sound decisions now of your child's future could save you a lot of money down the road.

Multi-State 529 programs and contributions to these programs will continue to grow as the need does. get in early and reap the benefits that will come from it. These are good effective programs and it's hard to discount the sound reasons for joining one and the good it will do for your child's education.

Good News/Bad News on 529 Gift Tax Situation

When investing in anything, particularly for college, many advantages and disadvantages go hand in hand with the savings. For example, there are many tax advantages to having a 529 savings plan, but there is the disadvantage its intention is solely for college.

This means that you are able to save more money than you can with any other investment, but if this money’s purpose changes, this savings no longer applies. Similarly, there are both good and bad points on the gift tax situation of the 529 savings plan for college.

The first and most important thing to understand about gift tax issues on your 529 savings plan is that the rules may vary from state to state. This is very important, and if it is an issue with you, considering the rules and regulations of other states’ programs may be a good way to go.

Typically, gift taxes are taxes paid on gifts of monetary funds because they are a source of income. These taxes may apply when relating to a 529 savings plan, but there are limitations. It is important to understand that the gift tax limitations stop at $12,000 per year, which may be bad news for those who need to use more funds than this.

However, this increased in 2006 from the $11,000 it was originally set at, and may increase to an amount even higher than that by the time your child reaches college age. It is also important to know that this only applies if the owner of the account is a single person. This is double that amount for a couple, and modifications are possible if the amount of contributions will exceed this limit.

For example, if you make an agreement to contribute in equal amounts over a five year period, you will be allowed to contribute up to $60,000 every calendar year for an individual or double this for a couple.

By agreeing to contribute in equal amounts, and to make no other monetary gifts to the beneficiary, you will receive gift tax exclusions through the federal government. Typically, this would not be possible, and the cost of investing would be much higher.

The bad news about this gift tax is that this applies at the federal level. For those living in, and contributing to, state programs of the 529-college savings plan of states that have no income tax, this is the only concern. However, the rules may be different for gift taxes at the state level if there is a state income tax.

This is why it is important to discuss and fully understand all aspects of the 529 plan within your state, and to consider possibly investing in other states. By talking to your tax advisor, you will be able to determine whether it is best to invest in the 529 plan of your own state or to contribute to an account run in a state with no income tax, and therefore no gift tax.

You should also know what benefits you may be losing if you do choose to go this route, as most states offer incentives for those who use their own state’s program. By knowing all this information, you will be able to understand how the gift tax laws will affect you and your beneficiary, and you can make the best choice regarding investment for college.

Keep in mind that the amount of research involved in finding the best college savings plan may be equal the research needed in finding the best school in which to use those funds. Spending as much time as necessary doing the research can literally pay off in the end.

What Contributing Grandparents need to know about 529’s

What exactly should grandparents need to know about 529 college plans? Some things just seem to go together like hot dogs and baseball, peanut butter and jelly, and of course, grandparents and 529 plans.

It’s a very lucky family that can depend upon grandma and grandpa to help with college tuition bills. College expenses aren’t exactly shrinking. The best gift that anyone could give could be your grandchild’s education fund and a 529 plan is a great way to get started.

A 529 plan is a state sponsored savings plan that invests money on behalf of beneficiaries. The earnings are tax deferred from federal income tax and most states have programs that will defer state taxes. If your grandchild uses the money from this fund for any qualified education purpose, the withdrawals will be free of tax.

Grandparents are allowed to contribute up to $11,000 per year per grandchild. So if Grandpa and Grandma have two grandchildren could place up to $44,000 in funds for the grandchildren without any gift tax liability. The grandparents would each have to set up 2 funds for each grandchild (a total of 4).

Grandparents will still have control over these funds and can retrieve the money if needed. Of course, there will be taxes and penalties on an unqualified withdrawal but the taxes and penalties will only be on your earnings, not on the amount of the original contribution.

The 529 plans have lots of investment options, which create a big decision for the grandparents to make. Grandparents typically are more conservative than the child’s parents. The most popular approach to 529 investments tends to be the age-based option. This is a simple way to save for college. You do not have to personally adjust your allocations over time.

The fund is managed according to the age of your grandchild. Younger children have more of a stock concentration. As your child gets older, the assets are automatically shifted into a higher ratio of short-term investments and more stable bonds.

Grandparents could also check and see if the 529 plan that your have set up will accept a third party contributions. This will take all of the worry about opening and maintaining your own accounts. State tax deductibility may be an issue if you go this route. Some states allow you a deduction for at least part of your contribution to their 529 plans. As a third party donor you will not be eligible for this deduction.

If you ever need to apply for Medicaid benefits, the state will look at your 529 plans as countable assets. You are eligible to take back the money you’ve invested so the money is technically available to pay medical or nursing home expenses. If you have this concern, it is an issue to discuss with your tax professional or attorney. It might be a good idea to make someone else the owner of the fund.

A big concern for grandparents is what would happen to the money in the 529 accounts if your grandchild chooses not to attend college. A great option is to change the beneficiary to another family member or even yourself. You can change the beneficiary as much as you want.

Another option is to take the money in the fund for your needs. The earnings in the account will be subject to a 10% penalty rate and will be taxable as income.  This is some of what contributing grandparents need to know about 529’s. It is a great way to invest in your grandchild’s future. You have picked an incredible gift to give to your very lucky grandchild.

Wading Through the Financial Aid Options for College Students

The world of financial aid is often one of the most dreaded parts of getting ready to go off to college. Unless you have been offered a full tuition scholarship well ahead of graduation, chances are you will have to do the work of getting financial aid to fund your college years.

Financial aid can definitely be one of the more confusing aspects of going to college. Here are some tips to help you wade through the financial aid options for college students.

Your First Stop – Fill out the FAFSA Form

What is the FAFAS form? As most college students know, the FAFSA should be your first stop on the road to securing financing for your college years. The FAFSA form is the Free Application for Federal Student Aid. It is a federal form that you should fill out roughly a year before you plan to attend college or university.

The FAFSA form will ask you for personal information and information about your family’s income. By filling out the FAFSA in a timely manner, you automatically become eligible for federal student aid, which may include Pell Grants (aka, free money), subsidized student loans, unsubsidized student loans, and financial aid in the form of work-study funds. Pick up the FAFSA form at your local library or college financial aid office. You can even fill out the FAFSA form online.

Seeking Out Private Funding Sources

Another very popular option is to seek out financial aid in the form of private funding sources. Private funding may mean seeking out scholarship assistance from private companies, which can range from the local supermarket chain to a major bank corporation.

Most of these private funding sources require that apply with them directly for a scholarship contest of some kind, which may include an essay competition or simply an application with reference letters. Make sure to follow directions carefully, as each company has different rules and regulations.

Work Your Way to a College Degree – Taking Advantage of Employer Tuition Assistance

Many employers offer tuition assistance as part of your benefits package. Every employer is different, so ask your human resources representative if you think that they may be able to help you with tuition. If you are unemployed and looking for a job, consider seeking out employers who offer tuition assistance as part of their benefits package.

Seek Out Specialty Scholarships

Before you go the route of private lending, make sure to put your best effort forth when it comes to finding suitable scholarship opportunities. Just because you didn’t make straight A’s in high school does not mean that you are not scholarship material.

There are many specialty scholarships out there that target specific majors and industry. Consult the thickest scholarship finding guide you can find for opportunities that suit your situation.

Your Last Stop – The Private Loan Industry

Finding money for your college years is always difficult if you or your parents do not happen to be independently wealthy. However, there are many options available for those who can’t get their hands on a full tuition scholarship, federal, private, or otherwise.

There is a growing private loan industry that is now making many loans available for families and college students. However, if like many college students, you find yourself having to take out a large loan to pay for your studies, you will need to do some serious interest rate shopping.

Always opt for a federal subsidized student loan if possible, as these usually lock in a low interest rate and offer the best rates. However, if this is not possible, shop around with different lenders to find the one with the lowest interest rate and with the most flexibility. Make sure to read all the fine print.

Funding Options for College Bound Students

With so many funding options for college bound students, which one is best for you? Paying for college may be the largest expense a family can have, especially for families with multiple children. There are so many funding options to assist you. Here are some brief descriptions of your options.

A Coverdell educational savings account is a popular plan for college funding. You can contribute up to $2000 per year per child. If you use these funds for qualified education expenses, the earnings are tax deferred and free of federal tax. You select the investments for optimal flexibility.

Section 529 plans are state-sponsored plans that can be used to pay college expenses. This is a tax-advantage plan for approved education-related expenses such as tuition, room and board, supplies and fees. The state generally hires an investment firm as a program manager who provides various investment choices.

You invest in the appropriate portfolios that match your investment time-line and risk tolerance. The two types of 529 plans are prepaid and savings. Prepaid plans (independent) let you purchase tuition credits at member colleges, at today’s rates, for future usage. Savings plans have growth based on the market performance of your investments.

UGMA/UTMA accounts are custodial accounts opened on behalf of a minor. This gift is considered irrevocable with all withdrawals required to be for the minors benefit. The balance of the account is turned over to the minor at the age of majority.

Grants and scholarships are “free money” options that don’t have to be paid back. This is a debt-free way to fund an education. Financial need typically must be demonstrated to receive a grant. Scholarships are usually based on merit.

Work-study programs provide part-time employment from the federal government to earn money for college. This program is not only in place to help to fund college, but a work-study job can provide essential work experience.

Federal student loans are low interest, long-term loans for students. These loans offer attractive repayment options including being able to post-pone payments while attending college and in times during repayment of financial difficulty. There are federal loans for both parents and students. The best know ones are Stafford Loans for students and PLUS for parents.

A lot of people turn to these programs for their funding needs. You can also often find private loans that have low interest rates for college students. Be sure to choose a reputable lender who in knowledgeable on loan choices if using a private lender.

Tuition payment plans are an interest and debt-free way to spread payments over several months. Not all colleges offer this plan. Typically used by families who have income that will cover the gap between the amount they are billed for college and the amount of financial aid received.

Assets of a family are often used to fund college. IRA’s, savings accounts, 401k plans and stocks offer a debt-free way to fund an education. As a word of caution, before you liquidate one of these accounts, consider the earnings you may be missing out on. Use this number as a comparison to the amount of interest you would incur from a student loan plan.

Credit cards are often a popular but poor choice for funding a college bound student. This is for the simple fact that interest rates can be high. Use this funding choice with caution.

It’s important to think about your own situation as you plan to fund your education. Establishing a savings plan at an early age will make a huge difference. There are lots of funding options for college bound students. Which one makes the most sense for you?

Roth IRAs – A Viable Option for College Funding?

Lately, there has been much confusion regarding the benefits of using a Roth IRA to finance a college education on a tax-free basis. This is due to the complexity of rules on taking distributions/withdrawals from Roth IRAs. There are two kinds of money in a Roth IRA: contributions and earnings. Unlike a traditional IRA, contributions to a Roth are never tax-deductible.

Since taxes have already been paid taxes on the contributions, these can be withdrawn at any time, for any reason, without paying taxes, although they may be subject to the early 10% withdrawal penalty if they come out of a Roth within five tax years. Fortunately, that penalty is waived if the contributions are used for higher education expenses such as going to college.

The same can be done with non-deductible contributions made to traditional IRAs. But, the money earned by those contributions, such as capital gains, interest and dividends is untaxed money. Untaxed money cannot be taken out without paying income tax on it until the age of 59 1/2 or older. There are some exceptions to this rule, but unfortunately higher education is not one of them.

If the earnings are withdrawn from a Roth, they are taxed at ordinary earned income rates, not the more favorable capital gains rates. Don't even think about using Roth earnings for college. A person would be far better off with a taxable account. However, a person can use Roth contributions for college.

This option is viable only if the individual has some other type of retirement plan that is funded to satisfactorily.  Obviously, the individual’s future support should come first, and the individual’s children can work their way through college. Thus, as long as the Roth isn't all that stands between a person and a mediocre, poverty ridden retirement, then yes, the Roth has some potential for college funding.

Nobody will lend an individual money for a comfortable retirement, but a student can borrow money for college. The point of saving for college is to hopefully avoid the need for a student to borrow.

But bumps in the financial road do happen sometimes, and the bottom line is that if it comes down to an either/or situation, it's more important that there is a reasonable level of retirement savings more than large college savings fund.

As far as the tax advantages are concerned, a person might as well hide the money under a mattress. The individual is simply putting some money, on which taxes have already been paid, into the Roth for a while, then taking it back out and using it to pay for college.

No taxes are paid on that kind of withdrawal just like a person wouldn't pay taxes on withdrawals from a savings account, or money you stashed in a coffee can. The tax advantages of saving for college in a Roth is good. While a person will not get tax-free treatment on earnings saved in a Roth if used for college, the contributions can be withdrawn for college expenses without tax or penalty.

The obvious solution is to leave the earnings in the Roth for retirement and withdraw the principal to pay college bills. There is some flexibility in using a Roth IRA, but here are also yearly contribution limits for the Roth, with the annual limit for the Roth IRA increasing to $4,000 in 2005, a married couple will be able to save a full $8,000 per year in Roth IRAs.

Many families with kids aren't going to be able to save more than that anyway, and if they can, the Coverdell accounts are still available to save an extra $2,000 per child per year. The treatment of college funding is often confusing, it is sufficient to say that having college savings money held in a Roth IRA can simplify the treatment of financial aid and education tax credits.

The Pros and Cons of the Coverdell ESA for College

As you’re setting up investment plans for your child’s college, it’s smart to be aware of the pros and cons of the Coverdell ESA for College. This educational savings account is a very attractive savings plan for many people. Let’s take a look at some of the negatives and positives of this program and so you can see if it’s a fit for you.

Pro- The Coverdell Education Savings Account can be self-directed with a wider array of investment products available than a 529 plan. The account can be placed in almost any sort of investment. Typically, stocks, bonds, bank CDs, mutual funds and unit investment trusts. No part of trust assets may be invested in life insurance contracts.

Pro- The Coverdell funds are available to finance elementary and secondary school, not just college. This includes items such as tuition, fees, tutoring, books, supplies, room and board, uniforms, transportation and computers.

Pro- Earnings accumulate tax-free. Qualified distributions are exempt from federal income tax. Please note that contributions are not deductible on federal or state income tax.

Pro- Corporations may contribute. This even includes tax-exempt organizations. Regardless of income level, corporations may contribute to an individuals Coverdell account.

Pro- People can contribute to both a Coverdell account and a section 529 plan in the same year. Note that there may a gift tax implication if you give more that $12,000 per beneficiary.

Con- Contributions to the Coverdell ESA are limited to $2000 per beneficiary per year. Here’s an example, you have a son and a daughter that you want to contribute $3500 into Coverdell accounts for. You deposit $2000 to your son’s account and $1500 into your daughter’s.

Their grandmother wishes to add another $1000 but she is only allowed to put $500 into your daughters account as the $2000 limit has been reached. At $2000 a year, it would be tough to have this be your entire college savings plan.

Con- Contributions can only be made until the beneficiary reaches age 18. This may be a non-issue with some families but a 529 plan would allow you greater flexibility. There are no age restrictions for special needs beneficiaries.

Con- The money must be used by the time the child reaches the age of 30. If the funds are not used, the earnings will be taxed as ordinary income plus a 10% penalty.

Con- There is less flexibility in changing beneficiaries in a Coverdell ESA. Coverdell plans are considered permanent gifts. You cannot open up an account for your child and take back the money for your own use. Typically, the parents are responsible for the account until the child reaches 18. Then, the beneficiary usually takes control of the account. There is some ability to change beneficiaries.

Con- The Coverdell ESA is not eligible for the state tax deductions available for some 529 plans. The available 529 state tax deductions vary from state to state. Of course, a tax deduction is not the only reason to select an investment.

Con- The contribution limit is phased out for contributors with an adjusted gross income between $95,000 and $110,000 for single people and between $190,000 and $220, 000 for joint filers. A clever way around this con if you’re in this income bracket is to give the money to your child and let her open a Coverdell for herself.

After looking at the pros and cons of the Coverdell education savings fund, you can see if this is a wise investment for your child. The items that have been identified as cons are non-issues for many people. Coverdell is a good investment overall for most families. Talk with your tax profession and see if it’s right for you.

Why In-State Colleges Should Be a Financial Aid Solution

Are you looking for a viable way to pay for college, but most of your college options seem like they will only put you years in debt? Is it really worth to pay for thousands of dollars in tuition each year? How can you avoid the stress of an expensive college education?

For those seeking a high quality education that will help them stay out of debt, an in state college could just be the ticket. Here are a few reasons why you’re in state college or university is worth its weight in gold.

Your In State College – Your Financial Aid Solution

How can your in state college become your financial aid solution? Easy. Attending an out of state college automatically adds thousands of dollars to your financial aid template.

Why not save yourself the stress of footing such a large bill and look for a good in state college or university? Most states have at least one or two good state colleges to choose from. Going to an in state college does not mean that you will have to sacrifice the freedom of the college experience.

Chances are you will have to make some kind of a move, even if it means moving only forty minutes away from your hometown, or on the other hand, it could possibly mean you will be moving hours away. Whatever you choose, know that an in state college will help you save thousands over the years.

Why Are In State Colleges the Affordable Choice for Students?

Choosing an in state college can be a great financial aid solution because it means that you qualify for in state tuition. This means that because you have already established residency, you will not have to pay the out of state tuition, which is often several thousand dollars more.

Moreover, in state tuitions often offer many tuition waivers to incoming students who hail from in state. If you have made above average grades throughout high school, there is a good chance that you will qualify for some sort of in state tuition assistance.

Even if this is not the case, you may consider using your local community college system as a springboard to a local in state college or university. Most community colleges also offer tuition scholarships for students wishing to transfer to an institution of higher education.

Get More Out of Your Financial Aid by Attending an In State College

Chances are that you will get more out of your federal aid if you choose an in state institution of higher learning rather than an out of state choice. You have more local resources at your disposal if you are applying for an in state institution.

In State Colleges - Offering You a Great Education without Breaking the Bank

The dirty secret about elite private institutions of higher learning is, in most cases, you can get the same quality education for a fourth of what they charge each year in tuition. Many in state colleges are highly ranked institutions of higher learning.

Recent analysts have pointed out that costs to attend many highly ranked elite private colleges and institutions have ballooned, making it even more difficult to finance a four year degree.

Along with tuition rates, the number of applicants has made it even more competitive to be accepted to these institutions. With more people applying and tuition rates climbing, securing a good financial aid package at an expensive, elite private college or university was never such a challenge.

Moreover, researchers have pointed out that a fine college education can be had at many public state colleges and institutions. In effect, in most cases you will simply be paying for ‘bragging rights’ rather than a worthier or inherently more valuable college degree.

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