Ways to Save for College
College savings options provide flexibility for contributing individually or as a family. Explore your options to decide the best way to save based on your financial situation and timeframe.
How Teens Can Help Save for College
Teens can help save for college costs by working and earning income or obtaining scholarships. They can also take some actions that do not require earning or saving extra money.
When to Start Saving
Starting college savings early gives your child the best chance. You will have more time to save and benefit from potential compound interest. For example, if you start contributing $250 a month to a college savings fund when your child is 1 year old and assume a 7% return, the account balance will be around $98,000 by the time your child graduates high school. However, if you start just four years later, the balance drops to $63,000.
Frequently Asked Questions
How can teens start saving for college?
Teens can start saving money for college by earning money through work or creating a job for themselves. They can also save a portion of their income to a college savings plan or deposit money into a separate savings account. Setting up automatic transfers can be an easy way to save regularly.
How Much Do Average Families Save for College?
Average families use up to $10,932 of income and savings to pay for college expenses, which is about half of the total college costs. Family contributions vary based on income levels, racial backgrounds, school type, and financial aid. In addition to contributions from parents and investments, help from relatives and even the student themselves helps bridge the gap.
Source: https://www.thebalancemoney.com/how-to-save-for-college-6560667
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