Issue link: http://read.dmtmag.com/i/144562
Occupational training recipients are awarded $1,000 each for two years ($500 per year). Recipients are full-time students aiming towards a two-year degree at a technical school or an associate's degree. Emily Kane Denmark, WI Look for NCSF Scholarship Applications in the next issue! Court 985, Green Bay, WI Planning A college education with ... Life Insurance For those parents who have been fortunate enough to have saved money for their children to go to college, it becomes extremely frustrating when the little bit of savings prevents your student from receiving any government financial aid or grants. The traditional college savings accounts like the 529 plans count towards the student's expected family contribution (EFC) score. In most circumstances those parents who have more than $40,000 in non-retirement liquid investment accounts, their EFC score will be too high and disqualify the student from any government assistance. When designing a college plan, the goal is to lower the expected family contribution score so that a student can be eligible for government financial aid. This can be accomplished by using one of the best financial products available – life insurance. While the theory of college planning is not new, the strategy of using life insurance is an innovative approach. In most circumstances, the parents will have a lump sum of money sitting in a brokerage account that has been allocated for their children's college fund. What many parents don't realize (most likely because they simply have never been informed) is that their brokerage account is subject to market loss, disqualifies the student from Summer 2013 — www.ncsf.com * According to College Board's 2011 report on trends in higher education pricing, the increases we have seen on in-state tuition and fees at public, four-year colleges between 2001 and 2012 increased at an average rate of 5.6 percent each year. That rate is higher than in previous decades. In the 80's, tuition increased 4.5 percent each year, and in the 90's at 3.2 percent. most financial aid and, at the current tuition increase*, is not nearly enough to pay the college attendance fees for eight or more semesters. Almost all students under 24 years of age, regardless of their tax-filing status, are required to complete a Free Application for Federal Student Aid (FAFSA) form with their parents' current financial information in order to determine eligibility for government financial aid or scholarships. According to the FAFSA, "investments" do not include a primary residence, life insurance, retirement plans, pension funds, annuities and non-education IRA accounts which means they cannot be counted in the EFC equation. College planners can come up with some amazing results after lowering a student's EFC score. In most circumstances students are able to get grants and scholarships that would never have been available to them otherwise. To find out more about how an NCSF life insurance policy can help you plan for your children's college education and change their lives for the better, please contact your local NCSF insurance producer (find them online at www.ncsf.com) or call the Home Office sales support staff for assistance at 800-344-6273. 27