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Financial Planning
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"You don't want to over stay and you don't want to over pay."
- Obren Barnes, College Workshop Presenter
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How to Start Financing College

Planning for financial success is important. Earning your four-year bachelor's degree in four years will save you time and money! Once you have selected your careers and colleges, you can start determining how to pay for college. While you wait to submit the Free Application for Federal Student Aid (FAFSA) on October 1 of your senior year, you need to educate yourself, and develop a plan as early as your freshman year.

Allow me to personalize a parable that Jesus shared (Luke 14:28-30). "For which of you high school students, desiring to go to college, does not first sit down and count the cost of attendance, whether you have enough to graduate in four years? Otherwise, when she has laid out a plan and is not able to finish, all who see her begin to question her commitment and education by making fun of her, saying, 'This young adult began her higher education and was not able to finish.'"

In the book of Proverbs, the author outlines the steps it takes to achieve a goal. "Prepare your work outside; get everything ready for yourself in the field, and after that build your house" (Proverbs 24:27). So, even as an 8th grader, it's time to prepare and get ready to pay for and complete college.


Dollars for College is an extensive 121-page guide (provided by America's Promise, Citi Foundation, and uAspire) to help students and families best understand all the available resources that can make higher education affordable. It includes  timelines, ranging from pre-high school through college, and includes a Parent Affordability chapter.


1. Financial aid is available for students who need help paying for college. Students are just as responsible for paying for college as their parents.

2. The best way for students to pay for college is with merit aid. Merit aid is awarded by each college based on your GPA and test scores. Most awards are renewable by the college if you maintain the required college GPA.

3. Scholarships can be awarded by a college, service organization, department store, restaurant, or food truck (it could happen!). Most scholarships are awarded to first time college freshman and are not renewable. Keep that in mind as you budget for all four years of college. Be wise and avoid student aid scams.

4. Parents help pay for college through need-based grants and savings accounts. Grants are usually awarded by the federal or state government and vary based on income.

5. 529 College Savings plans are excellent ways to pay for college - especially when started early. Once opened, anyone can contribute to these plans.

6. Whatever need is not met through merit aid, scholarships, grants, and savings, could be covered with loans from the government or private lenders. Be sure to count the cost of taking out loans. Would you still earn your degree at a less expensive college? Could you begin at a community college (like I did) and save extra money for college? Loans should always be the last resort, but they could help fill any cost of attendance gaps. Learn more about avoiding loans from Dave Ramsey's Borrowed Future podcast.

7. Enrolling full-time means taking 15+ credit hours per semester. For example, the University of Texas at Arlington does not charge tuition for course credits above 12. Theoretically, you can take eight three-credit-hour courses (over four years) with a potential average savings of $6,000 - $22,000! #15toFinish

How to Save for College
Tara Siegel Bernard, New York Times - Business 

The estimated cost of putting a newborn through public college 18 years from now is nearly equivalent to buying a median-priced home today for all cash. Saving that much, especially for more than one child, is impossible for most families. Nobody wants their children to start their adult lives saddled with a crippling amount of student debt. But numbers like those can have a perverse effect, paralyzing parents into doing nothing at all. After all, there’s no class in, ahem, college, to prepare us. We aren’t told how to begin and it’s often hard to find any wiggle room in the budget, particularly when you’re already paying a mortgage (or rent), child care, health insurance — and maybe even a student loan of your own.
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Below are the five questions this article addresses. So where should you begin? Right here.​ 

  • How Much Should You Be Saving? It's important to understand your goals, and your current situation, as you plan for the future. 
  • Where Should You Save? You decided you want to start saving. Now you need to figure out where to put your money. 
  • What Are Your Other Account Options? There are other ways to save for college, but may require more research to make sure they are the right fit. 
  • How to Win at Saving for College. Once you've started, set yourself up for success with these tips and tricks. 
  • Who Should Save? If you can afford to save something, you should — every little bit can help.
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  • Welcome
  • Process
    • Step 1: Career Planning
    • Step 2: College Planning >
      • College Ranking
      • College Types >
        • Unique Types of Colleges
      • Campus Visits >
        • Tips for Campus Visits
      • Essay Support
      • Test Preparation & Tutoring
    • Step 3: Financial Planning >
      • Award Letter Process
      • Borrowed Future (Dave Ramsey)
      • Net Price Calculators
      • Paying for College
      • Possible Tuition Discounts
  • Resources
    • Essential Books for Students
    • Social Media and College
  • HC Blog
    • Career & College Blogs
    • Your Calling on Campus
    • A Prayer For You
  • About HC
    • Services >
      • Personal Consulting
      • Organizational Consulting
      • Speaking Engagements
  • Contact