5 Ways To Save For College
How do you pay for college? This is a question on a lot of people’s minds including students and parents. It’s no surprise that college is expensive and student loan debt can affect your credit score for years to come. It’s important to look at all of the avenues you have available to save for college so that you can take the least amount of loans out when you start.
1.) Apply For Scholarships
Applying for scholarships can be overwhelming because of the time it takes to craft essays along with the sheer amount of options out there, but they can easily reduce the cost of college. It’s free money you don’t have to pay back so the more you apply for, the more money you could potential have in your college savings fund. Here are some useful tools to find scholarships & grants:
2.) Open A Savings Account
Opening a savings account is an easy way earn additional money. How? If you’re under the age of 18 and open a Minor Savings account with Launch, you’ll earn dividends on your funds regardless of your account balance. Settings aside money in a savings account is also an easy way to reduce the temptation to spend the money because it’s out of sight.
3.) Take AP Classes
Taking advanced placement classes in high school can help you earn college credits toward your future degree. AP classes are a great way to complete some of the general education credits needed for your degree. Make sure to check and see what the general education requirements are for the colleges you’re looking at, as well as, if they accept the AP class credits you’re taking.
4.) Fill Out FASFA
The Free Application for Federal Student Aid is the most important step you can take to pay for college. Filling out this application allows you to see what funds you can receive from grants, federal student loans, and work-study funds. This will give you a clearer image of what funds you need to pay for college.
If you’re a Florida resident, check out the Florida Prepaid College Foundation. They offer a variety of scholarships and plans including the Stanley G. Tate Florida Prepaid College Plan which awards scholarships to low-income students.
We hope these five ways to save money for college are helpful in reducing your out-of-pocket costs for college. According to The Wall Street Journal, students average $39,900 in college tuition debt after graduating. A college education is a great investment, but high tuition costs can accumulate quickly into long term student loan debt. Be proactive by saving money now. Launch Credit Union offers a number of savings accounts to help get you started.
When the time comes to finance your future with student loans, Launch CU can assist. We’ve teamed up with LendKey* to offer you low-rate private student loans. A private student loan from Launch Credit Union can help pay for your educational expenses not covered by financial aid, including tuition, room and board, books, and other school related expenses. It’s easy and free to apply!
