Tips for Saving for College

August 27, 2020

Paying for your children’s college education (or your own) is an extremely important financial priority. Saving up ample amounts of money for school may oftentimes feel like an overwhelming commitment. Fortunately, there are lots of options out there to help ease that financial burden. When it comes to seeking higher education, it is never too late or early to begin saving and exploring your payment options.

Here are a few tips to consider when planning for college (the earlier the better!):

Look into and compare all college costs, including tuition, room & board, books, meal plans, laptops, fees and travel.

Come up with a game plan for how you will pay for college. Not every person will have the same assets, needs and resources, so it’s best to identify all the sources you have to pay for college:

Current income
Savings, bonds, and bank accounts
Government loans, private loans, life insurance loans, or income payments from an annuity
Financial aid, educational grants (such as KSKJ Life’s Educational Grant Program) and work-study
Working between classes. Many colleges offer work programs on campus to help pay for tuition costs, or consider other ways to earn cash, such as driving for Uber, delivering food, tutoring, freelance work or paid internships.
Scholarships: You can locate thousands of scholarship opportunities on scholarships.com or offered through private organizations, foundations and individuals. Be sure to check your local community and civic businesses as well.

One easy method to reduce the cost of college is to attend community college for 2 years (where tuition costs are typically much lower) and then transfer to a 4-year school. Many schools work cooperatively so the transition from community college to 4-year school is smooth and you will end up savings thousands.

If you are working full or part-time already, check to see if your employer has a tuition reimbursement program. Many companies offer employee benefit packages that assist with educational costs.