This new concept is capable of revolutionizing the way people hold and utilize assets for education. College financial planning assists families to better utilize the finances at their disposal. College financial planning also involves accessing financial assistances such as scholarships, government loans, and grants and making wise use of them for the education of the child.

Parents are always anxious about their children s education. They are prepared to spend a considerable part of their income on the education of their children. Proper planning is required to reap maximum harvests from the money spent on education. Today, the cost of educating a child tends to increase beyond limits. So, students are compelled to choose a particular course or area of study based on financial reasons rather than academic interest.

Under college financial planning, parents plan for the costs of higher education much earlier and are able to reach their most important life goals without much financial burden. A child s education depends both on its scholastic ability and the financial ability of the parents. College financial planning helps parents to invest wisely so that they generate enough cash to meet their fixed commitments.

The first step in planning education is to calculate the approximate cost of providing a college education to the child. Then you have to consider the sources of financial aid available and also scholarships and educational loans that can be availed. Governments offer loans at a lower interest rate and with easy payment terms. Too much dependence on loans is not advisable.

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