The average college tuition is $30,000 per year. The average student loans are $37,000. And that’s before the cost of living expenses on top of that. How can you save for college?
The first step is to make a plan. Consider the following: how much do you think you’ll need vs what are your savings goals? It might be clearer to break the goal down into the following categories - liquid assets, stocks, and bonds, money market account or CD, liquid real estate holdings or property with cash flow, and life insurance policies with cash return features.
Assess your current situation and consider what resources are available to help you reach your goals. If you have a family member who has resources that they can give to help pay, this could help reduce your college cost burden.
There are many ways to raise money for college, ranging from family and friends to digital crowdfunding platforms. Regardless of the means chosen, it is important that you get your financial aid documents in order and adjust your budget accordingly.
According to a study by The College Board, the average cost for undergraduate tuition and fees has increased by 3.1% every year since 2009. This means that it has increased by about $4,000 each year over this period.
College is expensive and that’s why it’s so important to save money for your education. Here are three additional ways you can get money for college:
- Take on a side job: Taking on a side job while you go to school can be an effective way to earn extra income while saving up.
- Negotiate with your college: Some colleges offer financial aid based on need rather than merit, if you're willing to negotiate this may be an effective way of getting more money towards tuition.
- Apply for scholarships: Scholarships are often one of the best options when it comes to getting money for college, especially if they're renewable!
-Crowdfund: You can start a crowdfunding campaign through platforms like GoFundMe or Kickstarter. If you have an amazing story or idea, this is a good option because it will likely appeal to people who share similar interests with you.