Many parents have a shared dream of seeing their children attend college and receive a quality education that can help set the foundation for a successful career. But paying for college can be difficult. Fear not, as help may be closer than you think.
There are many savings programs available from various sources that can help develop a savings plan tailored specifically to your situation. There are 529 savings plans available through state and federal institutions, as well as all sorts of grants, financial aid plans and even life insurance packages that provide college funding options. The issue for many parents is choosing an option and taking action.
“The important part is that parents do something, anything. Sometimes there’s this paralysis by analysis,” says Sedrik Newbern, an Allstate Insurance agent based in northern Illinois.
“I recommend to just do something. Sticking the money under a mattress or getting a savings account, or really having a conversation with your insurance agent or financial specialist to figure out ways that you can accumulate money in a way that doesn’t put much of a tax burden on you and allows you to grow your money, so when your child is of college age, you’ll have money to pay for it.”
Newbern notes that while having a plan in place and taking action is important, the dramatic increases in the cost of college may be exceeding the amount of assistance available through traditional financial aid vehicles.
Many parents have a shared dream of seeing their children attend college and receive a quality education that can help set the foundation for a successful career. But paying for college can be difficult. Fear not, as help may be closer than you think.

There are many savings programs available from various sources that can help develop a savings plan tailored specifically to your situation. There are 529 savings plans available through state and federal institutions, as well as all sorts of grants, financial aid plans and even life insurance packages that provide college funding options. The issue for many parents is choosing an option and taking action.

“The important part is that parents do something, anything. Sometimes there’s this paralysis by analysis,” says Sedrik Newbern, an Allstate Insurance agent based in northern Illinois.

“I recommend to just do something. Sticking the money under a mattress or getting a savings account, or really having a conversation with your insurance agent or financial specialist to figure out ways that you can accumulate money in a way that doesn’t put much of a tax burden on you and allows you to grow your money, so when your child is of college age, you’ll have money to pay for it.”

Newbern notes that while having a plan in place and taking action is important, the dramatic increases in the cost of college may be exceeding the amount of assistance available through traditional financial aid vehicles.

Costs Are on the Rise
The Washington Post recently reinforced Newbern’s assessment, as it reported that financial aid is not keeping pace with the rising cost of college, citing a study by the College Board Advocacy and Policy Center.

According to the story, the cost of college has risen faster than inflation for some time, and “Many states have slashed funding for higher education. The [College Board] report found state appropriations per student dropped 10 percent in 2011-12, a fourth straight year of decline.”

That said, parents must still find ways to pay for their child’s education, because as Newbern says, “Not all kids are scholars or athletes and they won’t be eligible for scholarships. Who knows what options will be available or what those options will look like in 10 years.”

Quotes for Education
Which is precisely where companies like Allstate can step in. Since 2008, Allstate has offered its Quotes for Education program that is designed to help students of historically black colleges and universities finance their education. Working with partners such as the Tom Joyner Foundation, the UNCF (United Negro College Fund) and the Thurgood Marshall Foundation, the program has provided consumers a quick and easy way to support HBCU students. To date, more than $100,000 has been raised for the cause.

This year, the Quotes for Education program is working exclusively with The Tom Joyner Foundation to support HBCU students. From August 1 through December 31, Allstate will donate $10, up to a total donation of $150,000, to the foundation for any insurance quote received from a participating agent. Plus, for the first time, consumers can vote for their favorite HBCU to receive a separate $50,000 donation from Allstate. These donations help form the Allstate/Tom Joyner Foundation Scholarship, which is awarded to financially in-need HBCU students each year.

Want to help HBCU students pay for college? Get a quote here and your donation will help make a difference.

One thought on “Concerned About Paying for College? Take Action!

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