You’ve got a variety of savings and financial aid options, and the key is to plan ahead as much as possible.
Tuition costs are rising, making it harder than ever to pay for college out-of-pocket. If you are planning to send your children to college, it’s never too early to start saving. If you or your child are planning to start college soon and seek financial aid, check out our resources below.
Tips for saving for college
- Start a Coverdell Education Savings Account. These accounts accumulate tax-free, and you can withdraw money without any penalty.
Tips for paying for college
- U.S. Dept. of Education. Federal student aid programs are the largest source of student aid in the U.S. Check out college.gov for more information about grants, work-study assistance and low-interest loans.
- FAFSA. To apply, students need to fill out the Free Application for Federal Student Aid.
- Other sources of aid. You can also find scholarships, state aid, and institutional aid. Ask the college you are hoping to attend about available aid.