What financial aid is available for undergraduate tuition for civil engineering if I already have BS degree?
I have a bachelor’s degree in biology, make 13k, and am trying to complete a second degree in civil engineering. However, I am trying to come up with financial aid due to my low income and the high tuition at the state university, and have come up short because I already have a degree, and therefore can’t get FAFSA aid or other scholarships available internally at my school. What else can I do for financial aid so that I can get my paperwork and a large increase in pay? Thanks!
I did not receive any aid from FAFSA towards my BS degree in biology, and I am taking these civil engineering courses as a prerequisite to an MS in civil engineering. What would happen to financial aid in this situation?
Am I correct in assuming that you already got 4 years in financial aid?
Are you taking undergrad courses as a prereq to a MS in civil engineering?
You are still eligible for financial aid from FAFSA. Even if not an undergrad, you can receive Stafford & Perkins loans, work study, etc.
Similar to the creation of the 401(k), designed to assist families saving for retirement, Congress has responded to the need of families saving for college expenses by instituting a tax-favored savings vehicle. Created in 1996 and named the “529 Plan,” these state-backed plans allow for the saving of funds for secondary education on a tax deferred basis, with eventual withdrawals for educational e…
Consider Different Ways to Invest for College Education
With the average cost of college level education rising approximately 6% every year, what is the best way to have the money for college exepnses when you need it? We can easily help you with different ways to invest for college education.
In fact, only 40% of students graduate in four (4) years. That means that 60% of students are taking five (5) years to complete their education.
It’s very important to plan for this major expense well in advance. On average, it costs over $6,000 per year to attend a state college. And if you attend an out-of-state college full time, there is a sur-charge of over $10,000. Private colleges can run well over $22,000 per year.
There are actually several ways to pay for your education or provide financing your child’s education:
* You can invest your money in the stock market or savings account. However, this can result in hefty tax payments.
* You can hope your child has the ability to obtain a full scholarship.
* You can take a second job when the time comes…or have the student take a part time job to help with expenses. But consider the longer time frame to graduate…and also the fact that there is a higher drop-out rate with students who have to work.
* Or you could have your child finance his/her education with student loans. But, this leaves them with a huge debt load when they are trying to start their new adult life.
Let’s consider a a couple of different ways to save up for those education expenses!
Let me explain how to have the money for college at your fingertips when you need it. Just purchase a rental property with a 15-year mortgage? I’ll use a $125,000 property for our example:
Equity will build! Even if there is no appreciation in value, you will still have this $125,000 property paid for in 15 years. Plenty for the finances needed for college.
But let’s run some figures on a modest 5% increase per year in property values. In this case, your property will more than double in 15 years. Your $125,000 investment could be worth over $250,000 when you’re ready to pay for college.
And you don’t even have to sell it! Here’s a way to take your money out of this property without paying tax on it. Simply re-finance it. A re-finance is not taxable income!!
What a great way to plan for college! You will have had renters to pay the mortgage payment…and if you re-finance for college expenses, you will still have renters to pay for the new mortgage payment.
Even with refinancing for a higher amount – consider that because the property has increased in value – so has the potential rental income!
About the Author
Pam Rumley is a veteran real estate broker in the Nashville, TN area. She is a true Exclusive Buyer’s Agent. There is never a conflict of interest regarding your real estate transaction. You can be assured of receiving 100% of her attention and loyalty – 100% of the time.
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