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North Dakotans Saving for Education

Learn about the benefits of post-secondary education, the potential costs involved, and various funding options available including financial aid and tax breaks. Discover education savings tools and the importance of starting early. Visit www.ag.ndsu.nodak.edu/money/index.htm for more information.

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North Dakotans Saving for Education

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  1. North Dakotans Saving for Education

  2. Post-secondary Education What is it? Any education following high school

  3. The Value of Education • Increased knowledge • Higher income • More potential • Increased job opportunities

  4. What will an education cost? • Expenses include: • Tuition and fees • Books and supplies • Room and board • Personal expenses

  5. Future Cost of Education • Start with today’s cost of education • Determine how many years until your student attends post-secondary education • Figure an increase on costs of 5 percent to 6 percent per year

  6. Who’s Paying? • Will it be the student? Parents? Grandparents? Financial aid? Military? Other? • There are no wrong answers as long as there is a plan to make it happen. • The answer needs a family discussion.

  7. Tax Breaks for Education • Government assistance to families saving and paying for education • Be aware of limits and restrictions of each of the tax breaks

  8. Financial Aid • Half of students receive some financial aid • Financial aid is based on financial need • Most financial aid comes in the form of loans • Financial aid should not stop families from saving for education

  9. Other Ways to Fund Education • Military service • Student entrepreneurship • Home equity loans • Pageants • Contests and prizes • etc. etc. etc!

  10. Creating an Education Savings Plan • Start with a goal • Decide how much the family can afford • Figure in the rate of return the savings will earn over time • Part of an overall family financial plan

  11. Education Savings Tools • Many types of accounts • Savings accounts and CDs • Money markets and mutual funds • U.S. savings bonds • 529 plans and education IRAs • Stock market investments • Roth IRAs

  12. Education Savings Tools • Check their rate of return (interest) • Some carry more risk than others • Some have tax advantages • Become informed about all • Choose those best for your family

  13. Time Makes a Difference • Start an education savings plan early • Let your money work for you • Use the “magic” of compounding

  14. For More Information Check out the online presentation of North Dakotans Saving for Education at: www.ag.ndsu.nodak.edu/money/index.htm

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