Saving Money Before & During College
When sizing up the cost of college, having an organized financial plan is key.
College applications are in, and students around the country are excited about starting a new chapter of their lives.
But even with a university destination determined, one question remains unanswered for many young scholars: How am I going to pay for all this?
According to the College Board, the average yearly cost for a public college is $5,836, and the cost for a private college is more than $22,000. So when you're planning your educational future, it's a good idea to create a clear financial plan before you ever set foot on campus.
Here are some smart tips to get your financial house in order before you head off to college:
Make a plan and stick to it
Draft a budget well in advance of enrolling in school. Also, consider contacting your bank to automatically set aside funds into a separate savings account designated for college expenses. With the fluctuating costs of books and living expenses, it's smart to have a little money tucked away for a rainy day.
Research financial aid
During your senior year of high school, research financial aid options and mail your applications early. Sites like www.finaid.org can help students determine the programs they may be eligible for.
Look into corporate scholarships
Scholarships are offered by many large companies, so do your homework.
Mercedes-Benz USA, for instance, has offered a scholarship program called Drive Your Future, which has awarded more than $3.5 million in scholarships since the program launched four years ago.
The scholarships are given to students who are the first in their families to attend college. In 2007 alone, 62 high school seniors will be awarded $10,000 scholarships.
Once your financial plans are prepared, the battle isn't over yet. Keep these tips in mind for staying on track during college:
Get a prepaid credit card
Prepaid cards help ensure that you won't overspend your budget, simply because you won't have the option of carrying a balance.
Stay organized
Financial software programs help track your expenses and prevent miscalculations. Many computers come with these types of programs preinstalled, so you may not have to purchase any additional software.
Stretch your dollar
Learn to make your money last with economical solutions for food, books and other expenses.
For instance, save money on textbooks by checking for deals online, and on food by buying nonperishable items in bulk. When you need furniture, check the classifieds and similar Web sites regularly. College towns are hotbeds for moving sales.
Overall, treat college not as a time for going into debt, but as a time of careful financial planning that will pay off in the future.
Related Education Content
Understanding the Financial Aid Letter
With increases in federal student loan limits and hundreds of thousands in grant money, the decision to accept a financial aid award package should be easier than ever. The availability of free and cheap money, through scholarships, grants and low-cost federal loans, is great news for students as they look to cover the cost of college next year, but first it is important to know what you are getting into.
Student Cultivates Peace Around The World
An international art contest celebrating children's visions of peace capped off its 20th year by recognizing a teenager from Malaysia as the grand prize winner. The grand prize winner of this year's Lions International Peace Poster Contest is Ming Yang Soong, a 13-year-old boy from Bidor, Malaysia.
Brain-building Strategies for Parents
Mental and physical exercises, as well as brain-enhancing nutrition, can aid parents in nurturing their children’s natural abilities. Parents should keep some important things in mind when choosing activities and foods to help build children’s brainpower.
How to Find Financial Aid - Help Is Out There for Financing a College Education
When dreams of higher education collide with the means to pay, the task of finding and applying for financial aid makes some students and parents feel like they are lost in the woods.
Education: The Ins and Outs of 529 College Savings Plans
Saving for college is an important part of many families' financial picture. Families may choose to explore state-run 529 plans, which allow investors seeking tax-free growth of assets to pay for higher education.
Education: Leveling the Playing Field Among 529 College Savings Plans
Many people are already aware of the benefits of investing in a state-sponsored 529 college savings program. What might not be as well known yet are tax parity laws.
Education: Personal Finance 101 Saving Money Before and During College
According to the College Board, the average yearly cost for a public college is $5,836, and the cost for a private college is more than $22,000. So when you're planning your educational future, it's a good idea to create a clear financial plan before you ever set foot on campus.
Education: Budget-Wise Tips for Managing College Costs
The average college student spends nearly $3,000 for various expenses beyond tuition, according to the College Board. Good financial habits learned early will serve the student throughout his or her college years and well beyond, says Rich Linsday, president of the Society of Financial Service Professionals.
Ways to Keep Your Kids Learning in the Summer
For children who have been struggling in school, summer can be their opportunity to catch up on key skills and feel more confident when they head back to class. For students who do well, it's an opportunity to reinforce enthusiasm for learning.
Find Your 'A' Game During Report Card Time
Responding quickly to the first sign of academic struggle keeps small setbacks from growing into learning obstacles. By addressing the issue early, parents can make a noticeable difference in a child's confidence and performance throughout the school year
The Road to Life Success Begins With Math
Children who take math early in their educational careers set a stronger foundation for success in school and throughout life, according to education experts.
Good Study Skills Help Children Make the Grade
Developing effective study habits are essential for a child's academic success. Typically, children who have good study skills are likely to perform better in the classroom. Conversely, students with weak study skills can become frustrated, waste time and receive low grades.
Tips to Strengthen Your Child's Performance in School
How are your children doing in school? Are you pleased with their performance, or do you think there is room for improvement?
Parents Are Best Resource For Ensuring Student Success
To maximize their child's educational experience, parents should go back to school. But don't dust off the book covers and No. 2 pencils just yet. This experience only requires learning the ABCs of parental involvement - specifically, opening the lines of communication through parent-teacher conferences.
Obama Inauguration Facts, Trivia and Information for Kids
Parade, luncheon, ball. Being inaugurated sounds like fun. But what exactly is an inauguration? What happens? Here are answers to your most pressing questions. Plus Inauguration Trivia, Presidential Pets and the Obama Girls
Special Inaugural Crossword Puzzle
Can you solve this special inaugural crossword with your mom, dad or your favorite grown-up? Yes, you can! Kids solve the across clues while adults tackle the down ones.
Reviewing Presidential Inaugural History
Inaugurals are a mixture of pomp, festival and gravity, the American equivalent of a coronation. Their rituals
are laden with symbols of national purpose, continuity and unity.
For 220 years, they have marked the peaceful transfer
of power, a feat few other countries have achieved.
Obama Presidential Inauguration Schedule & Events
Over the years, the inauguration has become highly formalized, with the day’s scheduled events taking on almost ritualistic significance. A look at the Obama Inauguration schedule, events from past inaugurals and how & when certain inaugural events became part of Inauguration Day.
Top 43 Hits - Memorable Lines from Past Presidential Inaugurals
On January 20, 2009 Barack Obama will stand before Supreme Court Chief Justice John Roberts and swear the oath prescribed in Article II, Section 1, of the Constitution as the 44th President of the United States.
After taking the oath President Obama will give an inaugural address.
Since George Washington's first inaugural address, many memorable words have been spoken and are among the most enduring and frequently quoted.
WOLFGANG PUCK RECIPES
The world-renowned chef with an extraordinary passion for food now shares that passion in Wolfgang
Puck's Kitchen. Wolfgang Puck makes great cooking easier than you ever imagined. Each feature includes both an expert tip and an easy recipe - exactly what you need to transform your home cooking from acceptable to delectable.
Wolfgang Puck Recipes . . .