The Canadian Record (Canadian, Tex.), Vol. 113, No. 41, Ed. 1 Thursday, October 9, 2003 Page: 12 of 28
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12
THURSDAY 9 OCTOBER 2003
THE CANADIAN RECORD
Seven ways to pay for college
when you forgot to save
SchoolBriefs
DALLAS—If you got a late
start on college savings or saw
your investment portfolio dwindle
in the latest economic downturn,
don't despair. The Texas Society
of Certified Public Accountants
says there are ways you can save
money and obtain the funds to
make it possible to meet those
ever-rising tuition costs.
Implement a savings blitz
Depending on how much time
you have before enrollment, re-
doubling your savings efforts may
enable your child to close all or
part of the gap between your re-
sources and tuition bills. By con-
tinuing to tighten your belt during
the college years, you may be able
to foot at least part of the bill
through current income.
You also can schedule your tui-
tion payments in a way that suits
your budget. Many schools offer a
tuition management service that,
for a fee of about $50, allows you to
spread the school's annual tuition
into eight or ten monthly payments.
Appeal for additional aid
Financial aid is also an option.
Financial aid packages are some-
times negotiable, particularly
when there has been a drastic
change in your financial circum-
stances since you first applied. If
you've lostyour job, incurred high
medical expenses, or experienced
some type of financial hardship,
write a letter to the school ex-
plaining the situation.
Seek out scholarships
Your son or daughter doesn't
have to be a straight A student or
a star athlete to qualify for a schol-
arship. Many are available to stu-
dents with special interests or
skills. For example, scholarships
are available for Swedish Ameri-
cans who play the oboe and camp
counselors who plan to study spe-
cial education. Of course, these
scholarships aren't always easy to
find. The Internet is a good place to
start. If your child is still in high
school, the school's college guid-
ance counselor maybe able to help.
Although some parents are re-
luctant to take on additional debt,
federal student loans can be a rela-
tively inexpensive source of educa-
tion funds. Federally funded
PLUS loans allow creditworthy
parents of college students to bor-
row up to the full amount of tuition.
The interest rates on PLUS loans
are variable with a 9 percent cap
and you must begin repayment 60
days after the funds are disbursed.
Stafford loans are available for
students. A freshman can borrow
$2,625; the maximum loan amount
increases to $5,000 by the time,
your student is a junior. In most
cases, repayment begins six
months after graduation. If you
expect your child to bear part of
the monetary burden, this may be
a good option.
With mortgage rates at his-
toric lows, a cash-out refinancing
or home equity loan are attractive
alternatives that offer a lump sum
payment you can use to meet col-
lege costs. This strategy works
particularly well for families who
have insufficient cash flow but a
good deal of equity in their homes.
For some borrowers, a better
alternative is a home equity line of
credit that allows you to dip into a
cash reserve as needed. As an
added benefit, the interest you
pay on home equity loans and
lines of credit may be tax deduct-
ible. However, it is important to
keep in mind that borrowing
against your home is not a deci-
sion to be taken lightly. Failure to
meet payments could put your
home at risk.
Focus on less expensive schools
It's also wise to do some com-
parison-shopping when looking at
educational institutions. In some
instances, location may cause a
school to be more reasonably
priced than another school. Also,
keep in mind that public state col-
leges generally are less expensive
than private schools, particularly
when the student qualifies for res-
ident tuition rates. Attending an
in-State school can also defray
travel expenses and long distance
phone bills. Another option that is
growing in popularity is to attend
a community college for the first
year or two and then transfer to a
four-year college or university.
There are no retirement loans
A word of caution from CPAs:
do not use retirement savings to
pay college tuition bills. More re-
sources are available for funding
an education than for financing a
retirement. In addition to the tax
implications of withdrawing from
retirement savings, you're giving
up the valuable earnings. CPAs
recommend that you first look at
alternative financing arrange-
ments for your child or, as a last
resort, postpone college for one
more year until you have saved
sufficient funds to meet all or part
of the tuition bill.
ABOUT TSGPA: TSCPA (www.tscpa.
org) is a nonprofit, voluntary, profes-
sional organization representing Terns
CPAs. TSCPA is committed to serv-
ing the public interest with programs
that advance the highest standards of
ethics and practice within the CPA
profession.
in
1800 WILLARD
1607 WILLARD
403 S. 6TH
Beautiful 3BR, 2BA, wood floors, large
family room. Guest house.
Freshly painted 3 BR, 2 BA, 2 car garage,
fireplace, large closets, lots of storage.
Shop with full bath, heat and air.
Insulated & sheet rocked.
Very nice 3BR, 2 BA, 2 living areas,
fireplace and 2 car garage.
910 MAN
14723 CO. ROAD S
Real Estate
& Rental
for all your real estate needs!
Christina Hadaway
323-8613 or 323-3259
Chris Scroggs, Broker
Very nice, 3BR, 2BA Home on 2 Acres.
Fireplace, Large Master Suite w/garden tub.
All kitchen appliances go with the house.
14725 CO. ROAD S
3BR, 2BA Home on 2.6 Acres. 3 Car Garage,
5 year-old water well & septic. Storage Building.
3 BR, 2 BA, Large Living Room,
Utility Room, Basement. 1470 sq. ft.
Garage/Shop with overhead doors.
ADDITIONAL PROPERTY:
1102 Oklahoma, Wheeler
Commercial on Red Deer -Canadian
212 Patton, Higgins
Large Commercial Property, Higgins
Lipscomb Home
Car Wash, Darrouzett
NEW LISTING: 302 Main, Higgins
large lot, good storage, 1 car garage.
School district public hearings planned Tuesday
A public hearing on the school district's Academic Excellence Indi-
cator System (AEIS) report will be conducted on Tuesday, October 14,
at 6:30 p.m. at the administration building. The report provides infor-
mation on student achievement, staff, finances and programs from the
2002-03 school year. The hearing will also cover the "School FIRST (Fi-
nancial Integrity Rating System of Texas)" rating. This is a new report
that is based on the school district's financial status. Based on 21 indica-
tors, the report provides an analysis of staff and student data as well as
budgetary and financial information. Achievement ratings vary from
Superior to Substandard. The public is encouraged to attend. #41
FFA Meats Fruit sale begins
The annual Canadian FFA Meat & Fruit Sale continues through Octo-
ber 20. The delivery for meat items will be two weeks before Thanksgiving.
The fruit delivery will be two weeks prior to Christmas. For more informa-
tion or to place an order, call the Ag Department at 323-5221. #40
Tech graduation Augusts
Summer 2003 commencement at Texas Tech University in Lubbock
saw approximately 1,100 students awarded degrees. Graduation ceremo-
nies took place August 9 in the United Spirit Arena on campus. Derek An-
derson received a Bachelor of Business Administration Degree in
Petroleum Land Management. He is the son of Stuart and Suzie Ander-
son of Canadian. Kate Farrar earned a Bachelor of Science Degree in
Restaurant, Hotel, Institution Management. She is the daughter of
Rocky and Polly Farrar of Canadian. Rex Lovelace received a Bachelor of
Science Degree in Exercise and Sport Sciences. His parents, Lin and
Hoyt Lovelace of Canyon, are former Canadian residents. #41
Registration deadline November 7 for ACT
College-bound high school students who want to take the ACT test for
college admissions have two chances to register before the December 13 na-
tional test date. The postmark registration deadline is Friday, November 7.
There is also a late registration postmark deadline on November 20 (an addi-
tional fee is required for late registration). Students can get information
from their high school counselor or register online at www.act.org. ACT
scores are considered by colleges for admissions and course placement,
along with several other important factors including high school GPA, col-
lege prep courses taken in high school, extracurricular activities, personal
background and other information. The test fee is $26 ($29 in Florida). To
learn more about the ACT Assessment, including registration forms and
test locations, contact your high school counselor or go to the ACT website
(www.act.org), which also offers helpful information including test-prep ad-
vice, sample tests and a free financial aid needs calculator. #41
The Panhandle Plains Section of the American Chemical Society will
observe National Chemistry Week on Saturday, October 25, with a day of
free general admission at the Don Harrington Discovery Center. Activities
will include demonstrations, hands-on experiments and take-home activi-
ties. Chemistry Day is sponsored by the Panhandle Plains Section of the
AC S and BWXT Pantex and will be held from 11 a.m. to 4 p.m. This celebra-
tion is an opportunity for children of all ages to have fun learning about
chemistry, aviation and space. The 2003 theme is "Earth's Atmosphere and
Beyond!" Admission to the Discovery Center will be free for general mu-
seum admission. The Space Theater will charge regular admission of$l per
person for shows at 11 a.m., 1 p.m., 2 p.m., and 3 p.m. For information about
Chemistry Day or the museum, call the Discovery Center at (806) 355-9547
orvisitwww.dhdc.org. #41
HA lOWEEN
YMCA
Canadian
Family YMCA
1806)323
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Brown, Laurie Ezzell. The Canadian Record (Canadian, Tex.), Vol. 113, No. 41, Ed. 1 Thursday, October 9, 2003, newspaper, October 9, 2003; Canadian, Texas. (https://texashistory.unt.edu/ark:/67531/metapth220599/m1/12/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Hemphill County Library.