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How to start a college fund?

Some people say that saving for college is easy. Other cannot save enough money even for the first term. Your college fund does not always depend on your financial situation; it is a case of how good you are at saving. Governmental funding for schools is definitely not enough to cover all your expenses. Besides, what if you do not get support at all? As a future undergraduate, I worry a lot about the issue of money.

Of course, financial aid for graduate students is as important as for the undergraduate youth. However, I think that grants for PhD students as well as for Masters are not as important because these people already how at least some degree.

Anyway, let’s get back to college saving. How can you save money for college?

Timothy Norman

in Student Loans

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Heather Maxwell on April 12, 2018

Yes, I fully support your idea that financial aid for a graduate student is not as important as for an undergraduate one. Besides, at this stage, many people already look for the jobs and part-time work. Teenagers require all help they can get, especially considering modern costs. I’m very disappointed in the lack of college funding by the government. Yes, federal aid is not rare and many people get it. However, on the cross-country scale, the percentage of such lucky people is too low.

As for saving, I doubt that you can save enough money to cover all terms of your studies. However, if your parents opened a deposit when you were still a child, you may have good chances. Of course, it all greatly depends on the income of your family.

Usually, your parents start saving money for college. However, you can help them a lot by adding your gift-money or the payment for your summer jobs. If you still have not started this process, here are a few tips that will help you greatly.

First of all, you have to find the right account for your savings. The bank should be reliable.

Then choose investments for your account. You do not need to be a specialist in finances to manage your savings; many banks do all the hard work for their clients. A popular choice is a 529 plan. This is a number of versatile age-based saving accounts that offer substantial tax benefits. This is a great way for families to save money for college. This plan allows you to meet costs of most colleges in the country. There are two types of 529: saving plans and pre-paid plans. It is easy to apply to this method. Just be sure that you get a proper consultation.

You can find numerous other articles on best college saving plans. Most of them offer the same advice. However, you can still find pieces of useful information and implement it to your own plan.

School funding is a tricky issue that you need to be careful with.  Be sure to check all your options and read those tiny additions at the end of the papers—you have to know everything about the conditions.

Fortunately for me, there are many PhD students’ grants to choose from as I have no savings at all. I wish I worried about all this beforehand. Alas, I have what I have and nothing can be changed.

Tad Frazier2 years ago

It is really great that you think about your future and understand to importance of savings for college. If you want to contribute to the efforts of your family or start a college fund yourself, here is a great article by Forbes: https://www.forbes.com/sites/johnwasik/2014/11/05/the-five-best-college-savings-plans/#535e294d4873

It also mentions that 529 plan. However, the author of this article is sure that you cannot believe all offers and waste your precious time and efforts. The article advises paying attention to your state programs for the start. After that, you can choose one of the plans listed there and go searching for your own options. However, one of the most important tips is to start a fund at birth. It may seem to be too soon, but your kid will tell you many thanks when going to college without financial worries. Besides, anyone can take part in this saving from your parents to a distant aunt that you have seen only once.


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