U.S. Department of Education: Promoting Educational Excellence for all Americans

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What Is Financial Aid?
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Saving Money

Saving money is the primary way to prepare for the costs of college. Setting aside a certain amount every month or each payday will help build up a fund for college. If you and your child begin saving early, the amount you have to set aside each month will be smaller.

You will also want to think about what kind of savings approach to use or what kind of investment to make. By putting your money in some kind of savings or investment, you can set aside small amounts of money regularly and the money will earn interest or dividends.

Don't forget that you won't necessarily have to save for the entire cost of college. You can also pay part of the costs from your earnings while your child is attending school. Think College Early's What is Financial Aid? will also give you information on making your child's education affordable.

There are many web resources that can assist you in developing a savings plan for your child's education.

Community Resources

FinAid has a number of online savings calculators to help plan your savings and project your financial returns. There are also calculators here for projecting college costs, student loan calculators, and others. Many state governments now offer innovative college savings programs. The College Savings Plans Network (an affiliate of the National Association of State Treasurers) provides information about these plans and links from their web site to the many state plans.

To the reader: Non-U.S. Department of Education websites are linked as a public service only. These websites are provided as a tool to help visitors explore the wide range of options and information available, and to help them make informed choices about how to prepare for and pursue postsecondary education opportunities. As such, the organization, services, advice, or products are not endorsed or guaranteed in any way by the U.S. Department of Education and are entirely the responsibility of the webmaster of the site visited.

 

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