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Paying For College? 3 Things To Ask Yourself

by Lauren Beichner

Marketing Specialist

6.2.2021
|
Articles

Besides tuition and housing, the average family spends an additional $1,700 - $3,300 per semester on other college costs - Image.

Learn More About How To Budget As A College Student

 

Does the thought of paying for college send you into a panic because you don't know where to begin? You aren't alone! It's no secret that college is a BIG (and often overwhelming) investment.

Whether you are paying for your education yourself, or you are funding your child's education, being financially prepared is key.

Next Steps Toward Paying For College

1. Do You Have A Goal And A Plan?

What's your financial goal for college savings? Calculate how much you estimate that you'll need and devise a strategy to make it happen. Examine your budget to determine the monthly amount you can comfortably put towards that goal.

Try Our Save For College Calculator

2. Have You Started Saving (even a little)? 

We all have to start somewhere when it comes to saving for college. Start by putting those birthday checks to use and immediately saving them. Put your extra promotion money towards college savings or try to cook at home versus eating out and save the difference. Also, consider and compare 529 saving plans and Coverdell ESAs to help you reach your college savings goal. 

3. Have You Left Money On The Table?

Nobody wants to lose money, right? So, make sure you complete the Free Application for Federal Student Aid (FAFSA) process to have access to potential grants, scholarships, and loans to help you save some extra cash. 

Let's Sum It Up 

College costs are rising, but with strategic planning and saving, paying for you and your children's education can be within your reach. Regardless of your financial situation, there are smart ways to plan and pay for college. 

Learn More About How To Budget As A College Student

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