The culture of the family, he believes, drives how much money must be saved. One of the best ways to prepare for college expenses, Hull believes, is by enrolling in one of the new state-sponsored investment programs, called 529 plans. Also known as college saving plans or prepaid tuition plans, these programs are given special tax status under Section 529 of the Internal Revenue Code. If your cash flow permits, part-time classes may be possible without tapping into any savings. Financial aid, scholarships, grants, and other types of student loans are also available for adult students.
Some employers also offer tuition reimbursement.
Importance of Insurance Life insurance takes on a more prominent role as the college years approach. Most companies offer life insurance for their employees at 1 to 1.5 times their salary. For the average nurse, this isn't sufficient to cover college costs, a mortgage, and other expenses. If not, then consider term insurance. Term instruments provide the greatest dollar amount of coverage for the least cost.