With high school graduation coming up soon or recently completed, you may be wondering how to save money for college.
Many high school seniors and their parents ask themselves how to save money for college quickly. Obviously, it’s easier to pay for college the earlier you can get started on saving. But this doesn’t always work for every family. Unexpected expenses can always pop up. For example, maybe the student has to attend a different school that originally planned or changes in politics results in less federal or state financial aid than originally anticipated. Whatever the reason, here a few tips on saving money to help pay for college.
Apply for Scholarships
Studying hard in high school doesn’t just help you learn more and make the most of your education, but it can also result in thousands of dollars in savings later on.
If you’ve got the grades, you may be able to earn a free ride, or at least get an academic scholarship that can help pay for a significant amount of tuition or other college costs.
Get a Job
The first step to saving money is to earn it. So if you don’t have a job, look for one. There are plenty of possibilities for high school and college students in the retail and food industry. And if you’re a parent, consider a side gig, such as a part-time job during the weekend or freelancing.
Sell Stuff
Places like eBay and Craigslist offer a great selling forum for you to get rid of items you don’t want or need anymore. Electronics that are only a year or two old, like a video game system or cell phone, are especially lucrative and quick to sell. And don’t forget there are a few websites for specific items, such as gazelle.com. For items worth a bit less or more cumbersome to ship, you can always host a yard sale.
Ask for Financial Help
Family members and friends may be willing to give cash as a holiday, birthday or graduation gift if you ask nicely. Or instead of a check, they may be willing to make a contribution to a college savings account.
If your family and friends can’t help, try total strangers with a crowd funding website. If you have a compelling story, you can find many individuals willing to donate small amounts of money for your college education. Those small contributions can really add up.
Create a 529 College Savings Plan
These special tax-advantaged financial tools allow you and other family members to put money away for future college expenses. As a result of its special tax benefits, your money can grow more quickly than conventional investments.
Get a New Insurance Quote
If it’s been a while since you last talked to your insurance agent, give them a call and ask about what you can do to get a lower insurance rate. Perhaps there are discounts available from your current car or home insurer, but there’s also the option of shopping around. Insurance companies work very hard to attract new business, and you may easily save a few hundred dollars simply by seeing what else is available in the insurance world.
Cut Cable to Save Money for College Quickly
You’ve probably heard it before, but unless you’re an extreme sports fan and must have live sports, there’s little reason to have cable television anymore. Places like Hulu, Netflix, Amazon, PlayStation Vue and Crackle are just a few of the various television provider alternatives available for free or low cost. Another potential benefit: they make binge watching so easy.
Earn College Credit While in High School
High school students usually have at least one way they can obtain college credit while still in high school. One of the most common ways is by taking Advanced Placement courses and passing an Advancement Placement exam at the end of the school year. But other states and schools may have special programs that allow high schools and community colleges to offer special classes to high school students that can count toward their college graduation requirement.
Take Summer Classes
Graduating from college early can lead to a significant amount of college savings. One way to do this is to take summer classes. Combined with taking an extra class during the school year and Advance Placement credits, a student can shave a full year off of college – that’s a 25% savings on college costs right there. But for students who don’t want to spend their entire college career studying. They can just graduate a semester early, which will still help save a lot of money.
Even if you’re working on how to save money for college, you may need a title pawn to help you in the meantime. Come on in to Title Tree, and we can help you get the cash you need.