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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 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 you are attending school. Think College Early's What is Financial Aid? will also give you information on making your education affordable. There are many web resources that can assist you in developing a savings plan for your education. Community Resources
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.
FinAid has a number of calculators you might find very useful. There is a savings plan designer, a calculator to estimate savings plan yields, one to estimate projected college costs, and a number of others. The College Savings Plans Network has links to the many State plans for college savings. All States now have savings plans. |
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