Early Awareness

Itís never too early to start planning for the cost of a college education. As a matter of fact, the earlier the better. The Federal and State governments do offer grants - free money that does not need to be repaid. But grants are designed to provide equal access to college for those families who cannot afford it. So depending on your income, you may or may not be eligible for grants.

There are student loans that are available to everyone regardless of income. However, the amount that students can borrow each year is limited by the government. These loans are intended to supplement the familyís resources Ė not be the sole source of funding an education.

Although grants and students loans may assist with paying for college costs, that may not be enough to fund the entire cost. Whatís the answer? PLANNING AHEAD- SAVING AND INVESTING! By starting to save now, your money will continue to work for you - earning interest over the years until your child is ready for college.

There are all sorts of options, such as the New York College Savings Program. This program even has tax advantages! And check out the program, Upromise. This FREE program will help you save more, simply by buying products you already shop for every day!

Planning for college costs involves the whole family. The Consumer Credit Counseling Bureau will tell you itís never too early to teach your child good money management skills. So, encourage them to start saving too!

Listed below are some Web sites that can provide you with valuable information in planning for college. Donít wait Ė start today!


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The information presented on the NYSFAAA Website is provided as a service from the New York State Financial Aid Administrators Association to our constituents and represents our best efforts to assist students and their families in pursuing funding for higher education. NYSFAAA is a volunteer association of financial aid professionals representing the various institutions of higher education in New York State. We have collected information we believe to be important and reputable in finding and obtaining financial aid resources; however, we assume no liability for the use of this information. The New York State Financial Aid Administrator's Association, Inc (NYSFAAA) does not receive any money, gifts or compensation, related to educational lending activities, from any "lending institution" as defined in S620(8)a and S620(8)b of New York State Education Law. Hence, NYSFAAA does not meet the definition of "lending institution" as defined in S620(8)c of New York State Education Law. Therefore, institutions of higher education in New York and employees of those institutions are not subject to any potential conflicts of interest or legal restrictions under NYS Education Law in their interactions with NYSFAAA.*
* This statement does not constitute, and should not be construed as, legal advice.