No Result
View All Result
Military Families
SUBSCRIBE FREE
No Result
View All Result
 Military Families
SUBSCRIBE FREE
Military Families
No Result
View All Result

5 tips to save for college

Lila Quintiliani
by Lila Quintiliani
March 19, 2021
Military Families Magazine. Saving for college.
ShareTweetEmailWhatsApp

If the thought of funding a college education — whether it’s your own or your child’s — keeps you up at night, you are not alone. Over the past 20 years, the cost of in-state tuition has gone up 212%, and the amount of student loan debt in the U.S. has reached a staggering $1.6 trillion. 

But there are ways to tackle higher education costs. With a little bit of research and effort, you can save money and reduce the number of hours you or your children spend in the college classroom, because in this case, with the average college credit costing $559 — making most college courses cost around $1,677 — time is indeed money.

Here are some tips to help you save for a college education:

1. Take it slow, but make it automatic.

Saving the tens of thousands of dollars necessary for tuition can seem like an impossible task. But if you break it up into manageable monthly chunks, it makes it so much easier. 

Fellow Military Saves staffer Jackie Toops decided that when her sons were born, she would try to save $1,000 a year for each of them so that by their 18th birthdays they could have at least $18,000 for college. She set up an automatic monthly allotment of $83.33 for each child at her bank, and she puts birthday money and other monetary gifts into the accounts, too.

The same kind of approach can be used to fund a tax-advantaged college savings account like a 529. Some states even have prepaid tuition plans with monthly payment options. Most of these allow you to lock in future college costs at current prices, which can be a considerable savings.

Read: Save for retirement of your kid’s education? 

2. Get (free) credit where credit is due.

High schoolers may be able save on tuition by taking Advanced Placement (AP) exams and earning college credit. While this option generally requires taking an accompanying AP course, there is another affordable option out there: College-Level Examination Program (CLEP) tests. 

The College Board offers 34 exams in subjects ranging from accounting to composition. These exams cost $89 each, but military members and a few categories of spouses and civilian employees may be able to take them for free.

Each college has different requirements for CLEP and AP credit acceptance, so it’s best to check beforehand. 

3. Dual enrollment for high schoolers.

Many local community colleges allow high school students to take dual enrollment courses either through the high school or at the college itself. Some school systems will pay for these courses, essentially giving high school students an opportunity to earn college credits for free. 

4. Apply yourself.

Apply for scholarships, that is. There are scholarships for just about every demographic out there. There are literally hundreds of millions of dollars available each year in the form of grants and private scholarships. Use free search engines like the College Board’s Scholarship Search or Fastweb to narrow down the possibilities. 

And continue to apply each year, even when you have already received a grant (or been turned down) in the past. 

Also make sure you fill out the U.S. Department of Education’s free FAFSA form every year. Many families skip this essential step and therefore miss out on potential grants, work-study, loans, and scholarships.

5. Get creative.

Military families are used to being flexible and adaptable. Apply that skillset to the college experience. It may make sense to split Post-9/11 GI Bill benefits between multiple children. Or between a spouse and a child. Or maybe you start your degree at community college with lower costs per credit hour and then transfer to a four-year institution later. 

If you are an active-duty service member, see if you can use Tuition Assistance benefits. Some employers like UPS and Starbucks offer tuition reimbursement. Or get a job at a college or university — if you work full time for any of the 677 private universities that are part of the Tuition Exchange network, you, your spouse, and your dependents get tuition and fees covered at any of the participating universities. 

College is expensive, but by automating savings and finding ways to cut costs and time, you can fund education while still saving for other important priorities.

Want inspiration and motivation to save for your goals? Take the Military Saves Pledge and then visit militarysaves.org or follow us on social media.

 

You can find this story and more in our March issue of Military Families Magazine. Download it here.

Read comments
Tags: Collegecollege savingscollege tuition debtfeaturedMilitary Saves MonthMilitary Saves Pledge
Share48Tweet30SendSend
Lila Quintiliani

Lila Quintiliani

Lila is the Military Saves Program Manager at Consumer Federation of America. She is an Accredited Financial Counselor (AFC®) and holds a Bachelor’s Degree in East Asian Studies from Columbia University in New York City and a Master’s Degree in History from the University of California, Los Angeles. As both an Army veteran and a military spouse, Lila feels strongly about helping military families find financial success.

Related Posts

Military Families Magazine.
Military Career

Naval Academy’s first Black female commander makes history

2 weeks ago
Trucking industry sees veterans as central to business
Military Veterans

Trucking industry sees veterans as central to business

1 month ago
Navigator PREP program helps challenged students with transition
Military Education

Navigator PREP program helps challenged students with transition

1 month ago
Military Families Magazine
Military Education

From musician to soldier and back again

2 months ago
Soldiers talk about benefits of completing college on active duty
Military Career

Soldiers talk about benefits of completing college on active duty

2 months ago
Student veterans find community at Villanova University
Military Education

Student veterans find community at Villanova University

2 months ago

Discussion about this post

Ads

Military News, delivered to your inbox

Get a free copy of MILITARY FAMILIES delivered to your inbox each month

Let's connect!

ABOUT US

  • OUR STORY
  • OUR TEAM
  • MEET OUR WRITERS

MAGAZINE

  • GET PRINT
  • GET DIGITAL

GET RESOURCES

  • EDUCATION GUIDE
  • INSURANCE GUIDE

ADVERTISE

  • GET OUR MEDIA KIT
  • CFC PARTNERS
  • PRICING
  • PUBLISHER’S STATEMENT

SUBMISSIONS

  • PITCH US
  • SUBMIT YOUR STORY
  • BOOK CLUB
Never miss out on the latest stories.
© 2021 Military Families by AmeriForce. Privacy Policy | Terms | Site by Swiss Commerce

Thank you for your interest in Military Families Magazine!

Thank you for your interest in Military Families Magazine!

Thank you for your interest in Military Families Magazine!

No Result
View All Result
  • News
  • Military Life
    • Deployment
    • Relocation
    • Military Spouses
    • Military Kids
  • Education
  • Career
    • Transition
    • Entrepreneur
    • Veterans
  • Health
  • Money
  • Travel
  • Get Resources
    • Education Guide
    • Insurance Guide
  • Giveaways

© 2020 Military Families by AmeriForce. Site by SCBW.