Five Ideas to Save for College

In recognition of College Savings Month, here are five helpful ideas for you, along with your children, to consider to make college more affordable and less of a financial burden on your family and your child.

1. Start saving early for your child’s education to maximize savings and potential growth over time. Options for saving include tax-advantaged accounts like 529 plans or other Education Savings Accounts, term accounts like share certificates, or open a Personal Select Savings Account, which allows you to create a custom name for your account, such as “Jack’s College Fund”, creating a real connection with your financial goal.

2. Research scholarship and grant opportunities. Actively research scholarships and grants with your child that align with his/her interests, abilities and background. Many organizations, institutions and foundations offer tuition assistance based on merit and/or financial need that can significantly reduce the educational expenses, including books and support materials. Piedmont Advantage offers several scholarship opportunities each year exclusively for its members. The website https://www.scholarships.com/ is a great resource to get started with your scholarship search.

3. Evaluate financial aid options. It's essential for you and your child to thoroughly understand the financial aid process and explore all available options. This includes completing the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal grants, loans and work-study programs. Many colleges and universities also require a FAFSA to be completed to be considered for college/university provided financial aid and grants. You should also research and compare different types of student loans to find the most favorable terms and interest rates.

4. Consider community college for the first two years of college. These institutions often have lower tuition and fees. Starting their collegiate studies at a community college gives your child the ability to complete general education requirements at a more affordable cost before transferring to a four-year university.

5. Explore work-study programs. These programs provide part-time employment opportunities on campus, so that your child may earn income to help cover educational expenses while gaining valuable work experience.

By doing one or more of these ideas, you are taking proactive steps to make college more affordable for your child, thereby, reducing the burden of student loan debt. Start planning early, explore various financial aid opportunities and consider alternative education paths to ensure a more affordable college experience.