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student interests, and the college’s website for scholarships. Don’t for- get the MOAA Scholarship Fund’s no-interest loans and scholarships and MOAA’s Scholarship Finder (listed below). Financing options are simple:


Find Your Field


These websites can help pro- spective students narrow their career field options: 1. The Bureau of Labor Sta-


tistics offers career information at www.bls.gov/k12/index.htm. The site helps students identify career fields related to their in- terests/aptitudes, and then offers detailed information about spe- cific career requirements. 2. Created by the National


Center for O*NET Development for the U.S. Department of La- bor's Employment and Training Administration, www.mynext move.org enables users to search careers by key words, browse more than 900 career options by industry, or use the interest profiler online questionnaire to identify a career field.


projects the estimated net-cost of the school. The net-cost is based on the average annual costs, less finan- cial aid and anticipated number of years in school. Note whether the net-cost estimate includes loans. By including loans, a school can make its costs appear lower. Explore local organizations, parental affiliations,


You pay cash, you use money that comes your way, or you go into debt. Your primary objective should be as little debt as possible. You might think this is stating the obvi- ous, but the desire to obtain a col- lege degree can drive some to the “at any cost” extreme. Having little to no debt is es- pecially critical if a recent gradu- ate will inherit that debt. What’s the chance a new graduate with a $1,000-a-month college loan pay- ment can afford rent, a car pay- ment, and utility bills and still have enough money for a life? Parents planning to assume the debt should ask themselves how long they want a debt as large as a second mortgage hanging over their heads. Don’t rob from your future by


stopping contributions to or bor- rowing or withdrawing from your retirement accounts. You have one career lifetime to build enough wealth to retire. It will take steady deposits, proper investment man- agement, and lots of time to accu- mulate the required wealth. These websites can help you esti- mate college costs and find ways to pay for college: • MOAA’s Scholarship Finder: www .moaa.org/scholarshipfinder • www.moaa.org/scholarship • Department of Education college cost guide, http://collegecost.ed.gov • www.studentaid.ed.gov/PORTALS WebApp/students/english/preparing .jsp • www.fafsa.ed.gov • www.fafsa4caster.ed.gov/f4capp/ index/index.jsf • www.projectonstudentdebt.org


M MILITARY OFFICER NOVEMBER 2011 MOAA’S MILITARY E D UCATION GUIDE


• www.ecmc.org/fab/tool/displaylo ancalculatorform.action?id=1100# • IRS Pub 970, Tax Benefits for Edu- cation: www.irs.gov/pub/irs-pdf/ p970.pdf


6


The military. If you’re reading this publication, chances are this option is no secret to you. You


know all the opportunities for train- ing, education, and responsibility, as well as the help military service can provide in the maturing process. If it’s been a while since you served, you might not be aware of the Post-9/11 GI Bill program available to current servicemembers. This educational program is a valuable benefit that can pay full freight for tuition, books, and fees, as well as a housing allowance. The Post-9/11 GI Bill does not


require a financial deposit or any cash payment on the part of the servicemember. All time served after 90 days’ active duty or Title 32 Guard call-up supporting an ac- tive duty mission counts toward accumulating a greater benefit. All servicemembers earn three years of benefits after 90 days of service, but the amount of benefit within the three-year benefit period varies based on time served. Ninety days of service time earns the member a 40-percent benefit amount. The maximum benefit amount is 100 percent for 36 months of service or more. • Post 9-11 GI Bill: www.gibill.va.gov • military career options: www .todaysmilitary.com It’s an exciting time for parents and children. Enjoy the journey.


MO


— Lt. Col. Shane Ostrom, USAF-Ret., CFP®, is deputy director, Benefits Infor- mation and Financial Education. His last feature article for Military Officer was “All About Annuities,” July 2011. Gayle Ostrom is a career specialist with Fairfax County public schools in Virginia.


PHOTOS: THIS SPREAD, SHUTTERSTOCK

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