Are You Saving for Your Child’s Education
A bad economy, companies closing, loss of employment – every single one of these issues is something that the `middle class family` is experiencing. But what has grown to be one of the largest problems they are facing, is the skyrocketing cost of providing their child with a college education. Let`s face it, the out-of-pocket costs of a collegeeducation rise far faster than middle class incomes. With Congress cutting education programs by billions of dollars, the prices of college tuition are making it a near impossibility for middle class workers to send their children to college to follow their dreams.
Is there a way to supersede this issue? Is there a way to prevent your child from not having to give up the dream of college simply because of money? Frankly “not until now. Mission Tuition was formed by a group of intelligent individuals who know the crux of the financial industry, and the way to save for your child`s education without having to incur even moreout-of-pocket expenses. In fact, Mission Tuition has set up a way – by partnering with one of the largest merchant coalition in America - for you to save money and get cash back that is simply put into an educational savings account for your child whenever you shop. That`s right. When you shop for items youalready shop for - clothes, groceries, toys, car parts – you savefor your child`s education.
Tuition and fees at public universities, according to the College Board, have surged almost 130% over the last twenty years, while middle class incomes have sunk. For example, in 1988, the average tuition and fees for a four-year public university were about $2,800. By 2008, that number had climbed to roughly $6,500 a year, and thatdoesn`t include books, room or board.
If incomes had kept up with the surging college costs, the typical working American would be earning $77,000 a year. But, let`s face it, in reality it`s nowhere near that; in 2008, the median income was $33,000. That means, if you adjust for inflation, Americans in the middle actually earned $400 less than they did in 1988.
Now we move on to financial aid. The amount of federal aid available to individual students has also failed to keep up. Since 1992 the maximum available, through government-subsidized student loans, has remained at $23,000 for a four-year degree.
Families are taking on unprecedented levels of debt or, unfortunately, downgrading their child`s education from a four-year to a two-year degree. College debt USED to be seen as a “good` debt because the extra educationpromised a better future and a better life. Again, reality shows it far differently.
Mission Tuition wanted to make sure that the middle class family was NOT being left behind. They wanted to make sure that the children of the middle class workers were NOT told that they couldn`t go to college, simply because of the current financial and political arenas. So what they decided to do is offer a simple and FREE way for parents to begin saving for their child “s education even before they`re born. The membership with Mission Intuition is FREE, they also open an educational savings account in your name that is no cost to you! A truly easy savings plan is offered where family members simply sign up with Mission Tuition, who manage your educational savings account located at Wells Fargo bank. YOU not only get to save money, but you also get the latest updates, data, statistics, and information on the best loans and best 529 tax deferred plans that are available for your child. AndALL that you need to do is nothing. You shop; just like you shop now.
From companies such as Walgreens, FootLocker, Nordstrom, SEARS, Old Navy, K-Mart, Bloomingdales, Bass Pro Shops the list goes on! From groceries to toys; computers to appliances - whatever your daily needs are – you get to save money with your Mission Tuition FREE account! By shopping at your favorite retailers, you get money back that is automatically placed into the account that is unbelievably necessary for your child`s future.
Alarmingly, college graduates are facing a world with much higher unemployment rates. But, it is still forecasted that a college graduate will earn over a million more dollars during their lifetime than a high school graduate – so college IS still a necessity for our children. BUT, about two thirds of students graduating with four-year degrees have loans hanging over their heads, and their average bill comes in at a whopping $23,186. (FinAid.org)
Of those students, estimates are that about half will still be repaying their loans in twenty years. And for many, that will mean they won`t be able to buy a home, save for retirement or fund their own child`s education. Readers, there is a way to halt this downturn, and this writer can not stress enough that the solution is absolutely free. Mission Tuition offers easy enrollment. Then, simply shop for products you already need, and the advertised rebates that show on Mission Tuition`s website go directly into the educational savings account. You can use any of your existing debit or credit cards to make purchases, too! And if your favorite card happens to earn miles or points, you receive them as well, in addition to Mission Tuition`s cash rebates - doubling your benefits with every purchase. And all of this comes on top of the in-store discounts you already receive!
Not only will the educational savings account reside at Wells Fargo as you research what the best avenues of education are for your child, but Mission Tuition is also there to give instruction and information about 529 plans. When you`re ready to access your savings and fund a plan, you simply let Mission Tuition know and request a check to withdraw funds, or speak to the incredibly knowledgeable staff at Mission Tuition regarding the transferring of the money. Only YOU have access to your money for the funding of your child`s education. If you already have an active state 529 tax deferred college savings plan in place, you simply notify Mission Tuition and they will send a check immediately for deposit into your plan. For even greater savings, you also have the option of applying for a new Mission Tuition MasterCard that will earn you additional cash rewards on all your purchases.
Besides the simplicity and amazing discounts, coupons, rebates, etc., that are offered to a member of Mission Tuition, there is also the fact that this company strives to answer all questions and provide solutions for all families regarding their educational savings needs.
Take, for example, the Expected Family Contribution (EFC) that YOU are supposed to contribute to the cost of your child`s higher education. Just understanding this data can bring you and your family more peace, and Mission Tuition supplies links, research, and answers to your questions in order to really decide on a 529 plan that best suits your child`s needs.
The EFC is a calculated assessment of how much your family contributes to college costs. This amount is determined in two ways: By the Federal government for federal aid; and, by Institutions when they calculate your child`s eligibility for institutional aid. The EFC is deducted from the cost of attendance at a particular college, and the remaining amount indicates your financial need or eligibility for financial aid.
The EFC is based on your family`s income and assets. With the Federal calculations, you fill out the FAFSA (Free Application for Federal Student Aid) to receive their calculations. With Institutions, a need analysis formula is developed by the College Board and its members to assist colleges, universities and private scholarship programs in determining eligibility for private financial aid.
The amount your family is expected to contribute can vary from college to college, based on the financial aid policies and practices at that specific institution. If a college`s total cost for an academic year is $20,000, and your contribution is calculated at $5,000, then your financial need would be $15,000. And, unfortunately, with student loans being cut by the government, the college may only have grant money to offer you $5,000. So, YOU have to handle this gap. You need to find a way to cut college costs or, better yet, have the money available in a 529 plan before your child ever reaches college age. But how do you save that money when you are already in financial straights? With Mission Tuition!
Books cost money, room and board cost money, these are costs that some student aid won`t even cover! But withMission Tuition`s coalition of thousands of merchants nationwide, you shop with the Mission Tuition merchants and your cash rebates are deposited into your educational savings account. Several of these merchants even offer savings opportunities of up to 15% of your total purchase. And when you shop in-person, you receive their advertised discount right there on the spot. So every time you shop, you are preparing for your child`s future!
With the economy and issues that families are facing at this time, your family might pay more than the calculatedEFC, or you might consider taking out a college loan. But if you begin with Mission Tuition today, these are issues you will never have to worry about!
Give your child the best future possible!
Until Next Time, Everybody.
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