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J.G. Wentworth Blog

It’s never too early to plan for college, part 1: 5 steps to financial preparedness

On a weekly basis, our company receives thousands of calls from folks around the country looking for cash now, and a number of them come from people looking for financial help for college, junior college, or trade school. We consider it a privilege to try to help our customers get the money they need, and would like to offer these five basic steps to college financial preparedness, starting with:

Put any extra money towards college savings as early as possible

It’s estimated that every dollar paid upfront without borrowing is equal to three dollars one will not have to pay down the road. The sooner you can put any amount of money away for college, the better off you’ll be.

Invest in government-sponsored savings plans like the 529 Plan

One of the most popular government-sponsored college savings plans is called a 529 plan; it helps any family or individual interested in saving for college a chance to do so with important tax benefits.

Meet all application deadlines for federally sponsored student loan programs

Anyone applying for college, junior college, or trade school who may need to borrow money must fill out a FAFSA, or Free Application for Federal Student Aid. There are a number of loan programs sponsored by the federal government which offer low interest rates, and the more promptly you meet all application deadlines for these loan programs the better off you will be.

Research state-sponsored student loan programs

The federal government is not the only source for loans; many states also offer loans for state residents and/or for those planning on attending college in that state.

Pour over all scholarship opportunities

The list of scholarship opportunities available for college is incredibly long, covering students of all backgrounds, regions, abilities and interests. While the process of finding and applying for these scholarships may seem daunting, the money it may save you in the long run, in just about every case, is worth whatever time investment you may have to put in now.

We hope this list of five steps for college financial preparedness gets you started on making your own higher education plans, and encourage you to reach out to J.G. Wentworth if you are interested in selling your future payments for cash sooner. For more information, please call us at 877-227-4713.

Nothing above is meant to provide financial, legal or tax advice. You should meet with appropriate professionals for such services.