Investing For College Students- It Can Be Done
If you’re over the age of forty, you most likely have somewhat proud memories of not having any money when you went to college. In fact, the very idea of investing for college students was the last thing that would have crossed your mind. Let’s face it, most students attending places of higher learning are usually more concerned about the present than the future. Who’s having a party or what to have for a snack tend to be more frequent thoughts than how much the potential rate of return is on various investment vehicles.
Maybe there was a bit of pride in being penniless. It somehow made you a part of a large crowd. But more and more of today’s students are looking ahead. A lot of this has to do with how readily available information on investing has become. Younger people tend to be very internet savvy, and can easily see the benefits of investing for college students. They can then (with a few clicks of a mouse) use an investment calculator to see how even a small investment can grow into a large return through the magic of compound interest. They also see how important it is to start early, and how much larger the end result will be if they start as soon as possible.
Of course there are still plenty of college students who do not have a lot of extra money. In this case, the very first step is to create a budget that accounts for every penny coming in and every penny going out. If you have more coming in, then you now have a starting amount to invest. If your expenses are higher than your income, then you need to find a way to get more money. You can reduce expenses or get a job. Keep in mind that the more you can have for investing now, the more you will have later.
One common problem with investing for college students is that the amount they have available tends to be low. This makes it hard to invest through a professional broker, but there are still opportunities for investing. Even something as simple as a CD (Certificate of Deposit) can give you a bit of interest on your money. Starting an IRA (Individual Retirement Account) or a Roth IRA is also a good way to invest small sums of money.
The return on these types of investments may not be the highest, but it’s better than nothing (assuming they out-perform the rate of inflation). The other benefit is that it will get the investment habit started early, and that’s a habit that will pay dividends year after year.
Investing for college students requires nothing more than knowledge and some extra money. The more you have of both, the better off you will be. If there is any way you can do it, then investing while you’re younger is a smart choice that you will look back on fondly.
Adult Learning Grant – Statistics Show That There Are More Adult Students
Statistics show that more and more older adults are seeking a higher education. These are people who may have been out of school for years. Now they want to pick up a few college credits to improve their job performance, or get a degree and completely change their careers. When they were younger, they would have most likely received assistance paying for college from their parents, but that isn’t an option now. If this situation sounds familiar, than taking advantage of an adult learning grant can help.
A grant is not a loan. Instead, it’s money that’s awarded to students. This money may come from private individuals, businesses, the federal government, or from the university or college you plan on attending. Also, be sure to check to see if your current employer offers any type of continuing education grants for employees. As long as you plan on staying with your current employer, and will take classes to improve your job performance, then you should qualify if your employer offers such grants.
The nice thing about grants is that, by definition, you don’t have to pay them back. Each has it’s own qualifications that you’ll have to meet, but don’t worry because there are tons of grants out there, from a variety of sources and available for a variety of reasons. Here are some of the more well-known adult learning grants.
The Pell Grant is provided by the US government. You must be a citizen, have an income below $50,000 and be enrolled at a school that takes part in the grant program. The amount given out ranges from $1,000 to $5,500 for each year you qualify. The less income you have, the higher your grant will be. The easiest way to apply is by filling out the free form at the FAFSA website. The deadline is usually July 1st of the year you’re applying for.
The Federal Supplemental Education Opportunity Grant (FSEOG) is a grant that is designed to supplement the Pell Grant. Those who receive Pell grants are the first to get the FSEOG, and ranges from $200 to $4,000 for each year. The qualifications for the FSEOG are basically the same as for Pell grants.
If you are a woman then you may qualify for an adult learning grant from the Janetter Rankin Foundation (get more info at rankinfoundation.org). Besides being female, you have to be 35 or older, meet income eligibility requirements, going to a participating school, pursuing certain courses of study, and be trying to earn an associate or bachelor’s degree. If you do qualify you can get up to $2,000 per year.
Some colleges and universities also offer their own adult learning grant to older students. Each school offers different grants, and you will have to meet any qualifications that are required for each grant you are trying to get. While grants may not be enough to pay for 100% of your schooling, they can add up and help to make it much more affordable.