Prepaid Tuition Program Definition

Prepaid tuition programs can be somewhat restrictive in how they can be used. First, your beneficiary must attend an in-state institution, which means they're limited in where they can go. If they want to go to another school out of state, you can get your money back, but you lose out on any of the growth you've earned. I think planning for education well in advance can make the process extremely less painful. My brother now has a young boy and he has already started saving small amounts for his education so by the time he reaches his teens and head to post-secondary, a large chunk of the necessary funds will be in place.

On the other hand, if you’re looking for a degree that will earn your more than just a skeptical side-eye from prospective employers, this is probably a bad way to go. In the United States, the Council for Higher Education Accreditation and the Department of Education provide lists of recognized accrediting agencies and institutions. The U.S. Department of Education also suggests that obtaining a reliable external credential evaluation of foreign degrees can be a way to ensure the comparability to a U.S. degree.

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College athletes may also play a second sport professionally and be compensated, such as Clemson quarterback Kyle Parker who earned a $1.4 million baseball signing bonus from the Colorado Rockies in 2010 while still playing football for the Tigers. Tennis players may earn up to $10,000 in prize money yearly while playing college tennis and college football players may earn up to $550 in bowl gifts. If students were paid, the NCAA argues, many colleges and universities would have to offer fewer scholarships and the remaining scholarships would be distributed unfairly to top football and men’s basketball players because those two sports bring in the most revenue. Schools would also have to cut unprofitable sports including gymnastics, swimming and diving, tennis, track and field, volleyball, and wrestling.