Saving for College

Higher education is more than just a path to career and salary advancement. Education beyond high school increases opportunities for personal development and civic involvement. Proper planning and saving early on, can help keep the significant cost associated with college manageable.

Start Early

The key to saving for college is to start early.

  • Go over your monthly finances and find a little extra money you can put away. Even $25, $50 or $100 can make a big difference.
  • Make a commitment to devote at least that amount each month, and to add to it as your income increases. This can be a part of your monthly spending plan.
  • Shop around for the best interest return you can get for your money. Banks and credit unions may offer interest on a savings account. They may also offer other interest-bearing accounts that can increase your savings over time.

Help Paying for College

Along with saving, you may be able to receive assistance with paying for college. All higher education institutions offer financial aid in the form of grants and loans and other organizations may offer scholarships. Grants and loans are most often funded by the federal government. But there are also often aid offerings from the state and from the school itself.

Don't forget to research and apply for scholarships. A scholarship is money that you do not have to pay back and is offered to students by schools, non-profit organizations, employers, private companies and other organizations. Reach out to your school's financial aid office for assistance with finding scholarships. Be sure to look into all the options available.

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) Paying for College website has information to help you make informed financial decisions. Click here for information on understanding student loan repayment, tips to help you compare financial aid offers and much more!

University or State College?

Another way to save for college is to consider the cost of a university versus a state college. State colleges typically cost less than a university, while some offer the same programs of study. Attending a state college will give you some time to transition into this new phase of your life. Also, getting accepted into a Florida university tends to be a bit easier if you have gone through the state college system.

Consumer Financial Protection Bureau Overwhelmed by student debt?

It is now easier than ever to create a personalized path to affordable monthly student loan payments with the use of the CFPB's Student Loan Payback Playbook. This is a tool that helps borrowers gain a better understanding of the repayment options available to them for paying off their student debt. View the full article to learn more.