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College 101: How to Save for Your Child's Ideal Experience

| August 16, 2017
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It’s that time of year, the beginning of fall semester at colleges around the world. Students from all corners of the globe are descending on college campuses, and parents are signing checks so their kids can have everything to succeed.

There is no denying that college tuition has gone up over the years. It’s the reason parents start setting aside college funds when their kids are still in diapers.  However, when saving up for school, you must also keep in mind the multitude of other fees that are sure to follow.

Think about it. Some of these fees include

  • Student Activities
  • On-Campus Meal Programs
  • Club Fees
  • Books
  • Study Abroad Classes
  • Volunteer Trips
  • Snacks for Exam Week
  • Even Unpaid Internships

Seeking higher education is expensive, but it is also necessary to gain a greater understanding of the world and the knowledge needed to excel. That is why it’s important to learn how you can maximize your savings for the optimal college experience. Here are just a few ways.

  1. Apply for Every Scholarship

There are hundreds of thousands of scholarships looking for applicants every day and, many times, they have very few entries. People who take full advantage of these scholarships are the ones who not only have their college fees covered but can actually be PAID to go to school…or it can at least pay for all of the books.

  1. Consider State Options

States such as Florida have options to help parents save for their children’s future. Investing in programs such as Florida Prepaid or understanding the requirements for Florida Bright Future can help decrease the burden of college fees.

  1. Know What You Want

Choosing a college is like buying a car or a house: before you invest, you should know what you want to take out of it. Talk with your kids about what interests them. Do they want to go for a particular major or are they looking for a college with specific ideology? Are they looking for a school with study abroad options? What is your price point? Don’t just choose a school because you’re a fan of it or because your kid wants to party.

  1. Start Early

Encouraging your children to enroll in AP classes, dual enrollment, or even studying their associates at a community college can help save money on courses in the long run. AP classes are free in the public-school system, and community college can be thousands cheaper than larger state schools. It also shows initiative and can look great on a college application.

There are so many ways that you can budget and plan for the college experience. The most important thing to remember, however, is to make sure that it prepares your child for future.

Thousands of graduates leave college with substantial debt that they struggle paying back. Using these tips are not only meant to help save YOU money but also to ensure that the next generation isn’t spending their life in debt.

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