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Life Guidance: Paying for Education

Financing options 101
College age man sitting at a table wearing headphones and looking at a laptop

It's never too early (or late) to start.

Just as there are many routes to pursuing an education, there are many ways to pay for it. So whether you're planning for your child's schooling or wondering how to pay your college tuition, you have options.

Coverdell Education Savings Account (CESA)

Offers tax-free earnings and withdrawals for qualified education expenses.

529 plans

State-managed, tax-advantaged accounts that can be used for education expenses for kindergarten through college.

Student loans

Borrow up to 100% of the cost of education with loan options for students, parents or other individuals.

Scholarships

Money you don't have to pay back – awarded on basis of need, academics, athletics and other criteria.

Work-Study

Programs that provide part-time jobs to help students with financial need pay for education.

Loan forgiveness

If you work in certain fields, such as education or a nonprofit, you may be able to have part of your student loan forgiven. 

FAFSA facts

The Free Application for Federal Student Aid, or FAFSA, is used to determine your eligibility for financial aid from the federal government – which awards more than $120 billion annually – as well as from your chosen school.

Submitting the FAFSA is the most important thing you can do if you want financial aid.

Learn More about FAFSA