How to find money for college

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How to Find Money for College

College cost seem to be soaring ever higher. The average public college cost is between $8,000 to $10,000 per year. A private university can easily cost over $20,000 a year. The BIG QUESTION for parents is how to find money for college costs?

Most Americans don't have $20,000 sitting around every year for college, so money for college usually comes from:

  • College savings
  • Grants
  • Scholarships

College Savings

Most parents need to start early to save money for college costs. The earlier you start, the easier it is to have a significant portion of the money saved in time for college. One of the most popular plans to save for college are 529 college saving plans. These plans offer significant tax benefits when the funds are used for college costs.

College Grants

The federal and your state government provide financial aid opportunities for college costs. The federal government should be your first stop on the college grant search.

First you must complete the Free Application for Federal Student Aid (FAFSA). Your kid's high school should have these forms available, so give them a call to get copies to complete. You can also complete the form online at the FAFSA website.

College Scholarships

There are so many sources for college scholarships available it will make your head spin. Many of these depend on your child's grades, but that is not always the case. Some are based on ethnicity. Some are athletic scholarships for kids who excel in sports.

Ask high school guidance counselors for available scholarships. Check with local civic clubs, employers and other associations.

Online resources are a great way to find money for college. Here are some college scholarship search sites that I recommend:

Be Persistent

You owe it to yourself and your kids to get the best education possible without wrecking your own finances. If you are lucky enough to have young children with college many years down the road, start saving now! Open a a 529 plan or a UGMA/UTMA account now because time is on your side.

If time is a luxury you don't have, start researching college grants and scholarships. The process can be tedious with tons of paperwork, but if you follow it through, you may be rewarded with money for college that you did not have before you started the process!

Save for your children. Free!

When I first found out about Upromise I was so excited! Why? Because you can save for your children's education just by doing what you are already doing! When you sign up, a portion the money that you spend already on gas, groceries, resturants, online shopping and more get's deposited in your account for their school expenses! It's a completely free way to help you save for college.

With Upromise, a portion of the money you and your friends spend every day on groceries, resturaunts and and much more will go into an account for your children's college!

Todays Tip!

I've saved thousands for my kids college fund without contributing one cent!

Click Here to Find Out How!