Financial Preparation for College and Career
Preparing financially for college is as important as preparing academically. It’s never too late to start planning for future higher education expenses, but you’ll have more time on your side the sooner you start.
FAFSA
It’s important to understand the different types of financial aid that are available to help you pay for college. Whatever types of aid you plan to apply for, it is essential that you complete the Free Application for Federal Student Aid (FAFSA) online to find out what you may be eligible for.
529 College Savings Plans: are state-sponsored programs designed to help parents finance education expenses. Section 529 plans are subject to contribution requirements and investment guidelines. Withdrawals from the account are taxed at the child’s tax rate, and anyone can contribute to a Section 529 plan, regardless of their income level. In most cases, the money is invested in a portfolio of stocks, bonds, or mutual funds. The proceeds can be used only for education withdrawals for non-educational purposes trigger taxes and a 10% penalty. Utah’s 529 plan, the Utah Educational Savings Plan is one of the top-rated plans in the country.
http://higheredutah.org/preparepay/financialpreparation/
Regents’ Scholarship
The Regents’ Scholarship encourages Utah high school students to prepare for college academically and financially by taking a core course of study and saving for college. The scholarship may be used at any public college or university in the Utah System of Higher Education, as well as at Brigham Young University-Provo, LDS Business College, and Westminster College.
The Regents’ Scholarship is modified each year as a result of legislation. It is important that you use this website as your resource for the most up-to-date information.
http://higheredutah.org/regentsscholarship/
New Century Scholarship
The New Century Scholarship encourages Utah high school students to accelerate their education by earning an Associate degree in high school from an institution within the Utah System of Higher Education. The scholarship may be used at any four-year public college or university in the Utah System of Higher Education, as well as at Brigham Young University-Provo, LDS Business College, and Westminster College. The New Century Scholarship is modified each year as a result of legislation. It is important that you use this website as your resource for the most up-to-date information.
http://higheredutah.org/newcenturyscholarship/
FAFSA
It’s important to understand the different types of financial aid that are available to help you pay for college. Whatever types of aid you plan to apply for, it is essential that you complete the Free Application for Federal Student Aid (FAFSA) online to find out what you may be eligible for.
- Grants: money given to those who qualify based on financial need, do not have to be paid back.
- Scholarships: money given for education based on merit, need, and/or talent. No need for repayment. The State Board of Regents offers two merit-based scholarships, the Regents’ Scholarship & the New Century Scholarship. See below.
- Student Loans: money borrowed at a favorable rate, must be paid back with interest.
- Work-Study: provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses.
529 College Savings Plans: are state-sponsored programs designed to help parents finance education expenses. Section 529 plans are subject to contribution requirements and investment guidelines. Withdrawals from the account are taxed at the child’s tax rate, and anyone can contribute to a Section 529 plan, regardless of their income level. In most cases, the money is invested in a portfolio of stocks, bonds, or mutual funds. The proceeds can be used only for education withdrawals for non-educational purposes trigger taxes and a 10% penalty. Utah’s 529 plan, the Utah Educational Savings Plan is one of the top-rated plans in the country.
http://higheredutah.org/preparepay/financialpreparation/
Regents’ Scholarship
The Regents’ Scholarship encourages Utah high school students to prepare for college academically and financially by taking a core course of study and saving for college. The scholarship may be used at any public college or university in the Utah System of Higher Education, as well as at Brigham Young University-Provo, LDS Business College, and Westminster College.
The Regents’ Scholarship is modified each year as a result of legislation. It is important that you use this website as your resource for the most up-to-date information.
http://higheredutah.org/regentsscholarship/
New Century Scholarship
The New Century Scholarship encourages Utah high school students to accelerate their education by earning an Associate degree in high school from an institution within the Utah System of Higher Education. The scholarship may be used at any four-year public college or university in the Utah System of Higher Education, as well as at Brigham Young University-Provo, LDS Business College, and Westminster College. The New Century Scholarship is modified each year as a result of legislation. It is important that you use this website as your resource for the most up-to-date information.
http://higheredutah.org/newcenturyscholarship/