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How Much Money Should Parents Give for University?
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[QUOTE="Yusra3, post: 336737, member: 31907"] Learning comes at heavy cost of tuition and living expenses and it is a tough situation for a family. On what amount of money shall parents should give? Here are some considerations when deciding university funding:Here are some considerations when deciding university funding: [B]- Affordability [/B] As for parents, they should be able to come up with amounts that will not drive them into debts or deplete their retirement funds.Openly discuss family finances. [B]- Existing Funds[/B] Are there college saving accounts or institutions available? Most importantly, replace the 529s withdrawals and other account withdrawals first. [B]- Cost of Attendance [/B] Grants and scholarships should be deducted from the annual price tag to mirror the actual out-of-dinoes pocket total. [B] - Students’ Paychecks[/B] It Matters when It’s Time to Make a Rent Payment.Discuss expectations upfront. [B]- Public vs. Private [/B] In-state public universities generally costs $10s thousand less than private universities. [B]- Loan Options [/B] see that the student gets the most allowable federal loans before applying for private or PLUS loans. [B]- Family [/B] Siblings cause a fixed budget to be spread across individuals thus limiting their share.Consider staggering enrollments. [B]- Budget Discipline [/B] Guide students to use their money wisely and never assume funding is guaranteed. [B]- Post-Grad financial preparations[/B] Will parents support loan repayments? Include this in the upfront payments. Even though there is no one ideal formula, often parents funding lies between $5000-$15000 each year beyond other assistance. The open dialogue allows parents to find ways of ameliorating student needs despite the financial restrictions. [/QUOTE]
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How Much Money Should Parents Give for University?
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