Explore financial options for post-secondary education

Information and options are available to financially prepare for a student’s post-secondary education.

Along with scholarships, there are additional ways to finance post-secondary education. One option for financing post-secondary education is financial aid. To cover the cost of pursing post-secondary education, the federal government provides different financial packages for students such as grants and loans. Federal Student Aid is a place to start to learn about the types of financial aid available for students planning to attend higher education.

On the Federal Student Aid website, students and parents can also receive a general idea of how much financial assistance will be available to them through the FAFSA4caster. The FAFSA4caster is a series of questions for families to answer and will give them a general idea of the amount of student aid available to them for post-secondary education. This tool is a good start to get a general idea of what is needed for financially funding education beyond high school. This gives families and students an opportunity to start a financial plan to cover the costs of post-secondary education and include funding sources such as financial aid, scholarships, a savings plan and other means.

Before considering the various types of financial assistance from the federal government, as a student or parent of a student, have you started to save for post-secondary education? It is never too late or too early to begin saving for post-secondary education. Websites such as Savingforcollege.com provide information for students and parents who are saving or planning to save for post-secondary education.

Students can consider a part-time job during high school or in the summer as another option to begin saving for their future education. The income from the job is important, but so is learning good money management skills. MSU Extension and Michigan 4-H Youth Development can provide assistance to adults wanting to teach money management skills.

Michigan 4-H Youth Development trains adults and utilizes a curriculum (NEFE High School Planning Program) from the National Endowment for Financial Education to teach high school students. Other resources for adults are available on the Michigan 4-H Money Management website.  There are many local educational opportunities geared towards youth, as well.

Contact your local Michigan State University Extension office to find out more.

Take into consideration the importance of exploring the various financial options to financially prepare for post-secondary education.

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