A 529 plan is a great way for families to set aside enough money so that the children can go to college without having to put unnecessary strain on the family budget. The advantage of opening a 529 account is that the government will not tax the money as long as it is used for higher education.

College and retirement are both very real and very hefty expenses that almost always require a plan. Although the saving aspect for each is similar, there are a few definite differences that make the plan of action unique for each.

Though saving for college and saving for retirement may seem identical, the differences between the two are vast. The major difference is that saving for college is much more flexible. For example, there are many types of loans, scholarships and reimbursement packages available for college. When heading into retirement, the available money on hand is usually the bottom line.

The first days of legal adulthood are both joyful and tough, with the increased responsibility that comes when a person turns 18 years of age. One of the realities of being an adult is establishing a credit record to help with future housing, employment, car, and other borrowing opportunities. For college students, this journey is a lot easier with the availability of credit cards for college students from lenders such as Citibank, Bank of America, and American Express.

Financial aid is any money that does not come from you, or your parents, to help pay college bills. There are many forms of financial aid:
A grant is money that is given to you, based on need. you do not have to repay a grant.
A scholarship is money given to you based on merit, grades, or test scores. You can earn scholarships through certain programs, such as the PSAT National Merit Scholar program, or from state colleges that provide free tuition to valedictorians. Some students receive scholarships for writing essays, while others are chosen for scholarships based on volunteer service.

Until the 1980s, applying for college financial aid was fairly simple. Either you didn't apply at all and had parents who paid, you picked up a part-time or full-time job to supplement partial aid, or you qualified for full aid and made up the difference with loans.

Nowawdays, there's a whole new breed of college professional: the college financial aid consultant. These financial aid consultants aren't the professionals who work in your college's bursar's office, or the financial aid office, helping you with bills and such. These are private contultants you can hire to get a better financial aid package.

Not every student will have the money to go to college. For students in the state of Kentucky, that is not a reason to throw away the dream of a college education. Alice Lloyd College is a work college that provides students with guaranteed tuition in exchange for work at the college.

First of all, many students worry that colleges will think that they are unfocused or not serious about their ambitions if they place "Undecided" as their college major. However, that is not the case. Many incoming college freshmen are undecided on what they ultimately want to study or which career path they aim to follow. A college admission board is not going judge a student based on that. Many students are admitted to almost any university as undecided each year, and some liberal arts colleges don't allow students to take specialized courses until their second year of study, anyway.

Wondering how you'll ever be able to repay your college student loans? While student loans can be a great way to find money for college, paying them back certainly isn't easy. Would you like to be able to work off your student loan debt rather than having to make loan payments? If you're willing to commit to working in a high-demand occupation where jobs are difficult to fill or to participate in a community service program that offers student loan forgiveness opportunities as a benefit, you just might be able to do that!

Nothing is certain but death, taxes...and student loan payments? Ben Franklin didn't live long enough to see student loan debt rise to record levels ($19,200 on average for graduating seniors), but his adage may as well include student loans. You can pay them down over ten, twenty, thirty--or more--years, but is there a way to reduce or eliminate them?

Yes. But you may not like all the answers. Read on for more information.

According to the federal government, there are seven very specific criteria for being considered independent for financial aid purposes. It doesn't matter if you've been on your own and paying your own way since you were 15. Here's what the government has to say:

If you meet ONE of the following criteria: you are considered independent if you
are 24 years of age or older by December 31 of the year you're applying for aid
are a full orphan, ward of the court, or was a ward of the court until the age of 18
are an armed forces veteran
are a graduate or professional student, regardless of age
are married
are a parent yourself, or have legal dependents
receive special consideration from a financial aid officer who will document your status (VERY rare to get)