Free Tips, Tools, and Resources Help Families Ace College Savings
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“Our research shows American families believe a college education is more important than ever, but not enough are saving money for it,” said
|Here is Sallie Mae’s course syllabus for College Savings 101:|
Get started. Designate a savings account specifically for a college fund, and get in the habit of contributing to it regularly. It’s never too early or too late to start; “how often” is more important than “how much.” A little bit added every month can become a meaningful amount over time.
Put savings on auto-pilot. Set up direct deposit to automatically transfer a portion of each paycheck to the college fund.
Set a goal. The goal can be a dollar amount, a percentage, a timeframe, or a combination. Families can use Sallie Mae’s College Planning Calculator to research expected college costs; factor in other considerations, such as the number of years until college starts; and build a long-term customized savings plan to fit their goals.
Use cash-back rewards programs to fuel your savings faster. Look for programs like free-to-join
Use a goal-based savings account. A
Invest in a tax-advantaged account like a 529 college savings plan. In many states, a 529 plan can be opened with as little as
Get creative. When gift-giving occasions arise, ask for contributions to the college fund instead of a more traditional gift.
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