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Saving for my child's education
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FAFSA is an acronym for:


FAFSA, or Free Application for Federal Student Aid, is a free form provided by the government to assist students and families receive funding options.

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Roughly 1/3 of college students receive grants to help cover the cost of college.


2/3 of college students receive grants to help cover the cost of college.

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Key Takeaways

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When it comes to paying for your child’s education, there are a lot of financing options available. Their GPA and your household income are just a couple of factors to think about. Here’s what you should keep in mind.

  • Tuition and fees are just a fraction of the total costs of an education. Room and board and other expenses can make up anywhere from 30-80% of the total cost of college
  • When your child is still young, consider contributing to a college savings fund if possible, like a 529 or other interest bearing account
  • Complete a Free Application for Federal Student Aid (FAFSA) form around the same time your child applies for schools. This free form will help schools determine how much your child could receive in grants
  • Nearly every school in the U.S. uses the FAFSA, so if you plan to apply for federal aid, it’s a good idea to fill it out.
  • If you have trouble filling out the FAFSA, you can find free help at
  • FAFSA forms should be completed every year your child is enrolled in school in order to continue receiving aid
  • Your child’s academic performance can play a role in the options available for financial assistance – look for grants or financial aid your child might be eligible for
  • Remember that the cost of college will depend on many factors, such as the type of school your child attends and the amount of financial aid they qualify for
  • If you don’t think you can save enough, there are a variety of financial aid options out there. You can engage the college’s Financial Aid Office to discuss these alternatives with you