Parents may be wondering how to start saving for their child’s college tuition. With college costs continuing to rise, a slow economy, and rising mortgage rates, many parents have put off saving for their child’s college. As a result, more students are going to college and borrowing money to pay for it. With that scenario in mind, it’s no surprise that student loan debt has reached $1 trillion of debt among Americans. A shocking number.
Thankfully, Florida Prepaid makes it easy for parents to start saving for college now. Today, the average college student borrows money to pay for college, graduating with about $30,000 of student loans. Add graduate school, such as law school or medical school, and the dollar amount can easily triple.
Like many college students, I used student loans to pay for college. I borrowed again for law school. Couple out-of-state tuition with law school debt, I walked across the stage owing the University of Florida and Howard University a combined 75k. Sure I worked. Some semesters, I even had three jobs. I was a nanny, call center service representative, and worked at the financial-aid office as part of the work-study program. I even had scholarships.
Still, I borrowed money to pay for tuition and room and board. My parents did not save for college and were not in a position to help pay for out-of-state tuition. The help I did get for spending money and groceries did little to really make an impact in my total debt.
As thankful as I am for my education, there’s no doubt that I wish I paid for college differently. As a parent, I’m doing everything I can to make sure my children don’t find themselves in the same situation.
What am I doing to help my kids pay for college? Read my tips below.
Three Tips to Start Saving for College Now
- Enroll in a prepaid plan. We enrolled the kids in the Florida Prepaid College savings plan. By doing so, we locked in current tuition prices and have a monthly payment plan. By the time they graduate high school, there will be enough saved to pay for most of their tuition. Had we started earlier, all of their tuition would have been paid for. Florida Prepaid college plans made it easy for us to start saving for college right away.
- Aim for scholarships, either academic, sports, or hobby related. Since we started saving when the kids were a bit older, we realized that we’ll need to offset the remaining costs with savings or scholarships. We’re hoping that scholarships help offset any additional expenses such as spending money, rent money, and food and clothing. In our research, we learned that scholarships are available for so many things such as love for fishing, reading, and animals. So many options!
- Know much you need to save. We calculated the amount of money we’ll need to save for each child and put our plan in place. You can use Florida Prepaid’s payment calculator so you know just how much you’ll want to save for college too. Calculate the cost of college here.
What can you do as parent to help your child(ren) graduate from college without student loan debt? Consider a prepaid college savings plan. Learn more about Florida Prepaid savings plans then start saving today before Open Enrollment ends on February 28, 2018. Use code JUST1718 to get $25 off the application fee during open enrollment.
How does Florida Prepaid Work? Florida Prepaid college savings plans allow parents and caregivers to prepay the future cost of college at today’s plan prices. If you’re looking for helpful resources to help you get started, or want to learn more about your college savings options, visit the Florida Prepaid College Board website loaded with useful information and tools for families.
With the cost of college tuition rising each year, start the new year right by saving for your child’s college now. Learn more about Florida Prepaid Open Enrollment now because it ends February 28th,
Thank you to Florida Prepaid College Board for sponsoring today’s blog post and inviting me to participate in the Believer Blogger program.
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