Going to college can be one of the most costly investments someone makes in life. There is significant evidence, however, that college graduates make more money over their lifetime than their peers who choose not to pursue at least a four-year degree. Employers also prefer or even require a Bachelor’s degree for many entry-level jobs. Still, college is costly, and it is important to think about managing that cost well.
Here are some tips to Save for College
If you are a parent, regardless of the amount you have been able to save up to this point, some options can provide a pathway to higher education for your child. Learn about how you can help your college-bound child finance their education. The most effective way to build up a budget for a child’s college fund is an attempt to start saving from the time the child is born. A number of steps can be taken for this purpose.
Budgeting to Save For College
Parents can start by budgeting in their children’s early years and managing their finances accordingly. Do not get discouraged if you think you are making a limited contribution towards saving because even small amounts can add up to make an impact. A Coverdell Education Savings Account (also known as Education IRAs) with Metro Credit Union is a great way to prepare for the future.
Another option is the utilization of home equity, as the value of real estate tends to rise with time. Parents can use this factor and turn it into an advantageous option for their child’s college education and related expenses. It may be better to acquire a home equity loan over student loans because home equity loans come with certain benefits such as tax exemptions.
If you are pursuing college, you can find various scholarship opportunities on Metro’s free resource Save and Succeed. Here is a Save and Succeed article with tips on how to find free money for college. There are also different options for finding affordable college textbooks. While in college, there are ways to save money to get through the end of the month. If you are currently working and taking college courses, you can contact your benefits department to see if they offer tuition reimbursement benefits and learn about the requirements.
Metro Credit Union in Omaha Nebraska
Learn more about life events such as going to college at MyCreditUnion.gov. Visit Metro’s website for a savings calculator to help you get closer to your college savings goals.