5 Ways To Save For College
Updated: July 17, 2023
How do you save money to pay for college tuition? You may ask yourself this question if you are planning to start college soon or preparing for your child’s college fund. College is expensive, and student loan debt can affect your credit score. We have some ways to save for college so you don’t have to take out as many loans when you start.
1.) Apply For Scholarships
Applying for scholarships can be overwhelming because of the time it takes to craft essays. However, they can significantly 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 have in your college savings fund. Here are some tools to find scholarships & grants:
2.) Open A Savings Account
Opening a savings account is an easy way to 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. Setting aside money in a savings account is also an easy way to avoid the temptation to spend it.
3.) Take AP Classes or Dual Enroll
Advanced placement classes in high school can help you earn college credits toward your future degree. Make sure to check and see what the general education requirements are for the colleges you’re looking at and if they accept the AP class credits you’re taking. You may be eligible for dual enrollment, where you can take college classes while still in high school. Dual enrollment is free, and students who take advantage can graduate high school with their AA Degree.
4.) Fill Out FAFSA
The Free Application for Federal Student Aid is one of the most important steps 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. You will get a clearer image of what funds you need to pay for college.
5. State Prepaid College Plans
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 Education Data Initiative, students average $37,338 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.
