Did you know that one in eight Americans leave college with student loan debt? Saving money for college is one way to prevent accruing debt that will impact you for years to come.
The question is, what can you do to save money? How much does college cost and how can you prepare?
We’ve got some great tips that will help you not only save up money now but save money on tuition, too
Keep reading for five tips that will make college more affordable when the time comes.Â
- Apply for Scholarships
One way to cover a good chunk of your tuition is to apply for scholarships. Many scholarships are available through communities, third-party organizations, and the university that you’re attending. Read about applying for scholarships and find out the best way to go about it and find the scholarships that are right for you.
- Pay Into a 529 Plan
A 529 Plan is a tax-advantaged financial account that allows you to save money for college tuition, specifically. By placing your income in a 529 plan, you can receive tax breaks and credits that allow you to hang on to more of the savings you have for college. In other words, placing your college savings in a 529 plan will help that money go further.Â
- Get a Part-Time Job
The only surefire way to increase your income is to get a part-time job. The good news is that there are plenty of options now for high school students that don’t involve late-night hours or low pay. Grocery stores, bakeries, and coffee shops are all great options that will provide flexible hours–and some will even help you to pay for college!Â
- Earn Credits in High School
You can gain quite a few college credits while you’re still in high school by taking college-level classes. AP and IP classes both teach college-level material and taking the tests and getting a 3 or higher will give you college credit for the equivalent classes. You can also talk to your guidance counselor about community college classes that you can take for free during the school day.Â
- Sell Some Stuff
Chances are, you have some stuff lying around that you no longer need but could bring in some extra dough. Books, video games, and clothing are all feasible options that you can sell to consignment shops or online. This isn’t the most sustainable way to bring in money, but it can help you pad your savings account.
Saving Money for College Can Start Today
Student loan debt has hit an all-time high. With these methods, you can start saving money for college today. Scholarships, part-time jobs, and the right savings account will all make a huge difference in covering your tuition.
Are you looking for more tips and tricks that will make your educational dreams more attainable? Take a look around for our guides, the latest news, and beyond.
