http://articles.moneycentral.msn.com/CollegeAndFamily/SavingForCollege/Your5MinuteGuideToSavingForCollege.aspx
This link shows the keys too saving for college.
Most of them are simple and easy to follow but I am making a condensed list to show how easy it is to raise money for college which could cost around $105,000!!
Here are my ten points for saving money for college:
1) Start early-the sooner you start saving the more you will accumulate in the end
2) Make sure that you are saving enough-Use this link to calculate theamount of money needed http://moneycentral.msn.com/personal-finance/calculators/Tuition_Savings_Calculator/home.aspx
3) Apply for scholarships-There are thousands of scholarships out there and the only thing you lose from apply is your time.
4) Do well in high school-This sounds like a no brainer, but many people do not know that a high GPA can trim hundreds of dollars off their college debt
5) Collect and invest graduation gifts- This may seem insignificant but can evenutally end up being worth $1000 or more
6) Join the military-or an ROTC program and have the government pay for college
7) Invest that little extra into a savings account for your child's college fund
8) Jobs- Don't feel like the parent has to pay for all of college most college students pay for college themselves after freshman year
9) Honor Roll-Many colleges give special privlages or cheaper tuition to students with high GPAs
10) Pass college and don't procrastinate-Paying for college is almost idiotic if you never get a degree or wait 6 years too
James, you have some useful tips on college savings. However, i was wondering what type of saving you are referring to. What are some specific methods or investment vehicles that can be used to save for college?
ReplyDeleteYou mention investing graduation gifts. It seems as though at that point college is so close at hand that there would be little to no benefit from investment. You can expand that point into saving all gifts and further encourage gifts that go directly towards a saving plan for college. This idea combines both the start early and the invest gifts suggestions.
When speaking about scholarships, many times there is no guarantee that any money will be awarded for filling out the application. So the time used to apply is in actuality lost because there is no monetary gain. If the general theory of time equaling money is applied, you have in fact lost money. However, this is still a good tip.
One last thought. You discuss joining the military or an ROTC program. Can you provide any more details about that process? What facts weigh in on making that decision?
Well there are many different ways to invest before college like putting money into a mutual fund. Also anyone can enroll into ROTC as long as they are currently in college, they just need to fill out a packet which are usually different for each college. Though if you do ROTC you must serve for a minimum of 4 years after you graduate.
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