5 Secrets to Save Money For College

College is expensive. Colleges know this but do nothing to lower their tuition costs. Add the current economic situation to the mix and you get thousands of American families who are unable to send their children to college. There are some ways you can save money on college but you need to start now. Below are the top five methods found to be excellent money savers:

1. Consider Community Colleges: On average, Community Colleges are less then 1/2 of the cost of a state college. Many community colleges offer accelerated two year degree programs and the credits normally will transfer to a four-year college. Community colleges also allow for the ability for students to be able to manage a job to save money on the side.

2. Use Tax Breaks – There are new tax breaks available for students for the 2010 and 2010 tax seasons. The federal government is offering a $2,500 tax credit for students paying tuition. There are also some itemized deductions your accountant should know about to help you receive some more tax breaks.

3. Unclaimed Scholarships – Look around in your local area for businesses who have unclaimed college scholarships. If you don’t know what the scholarships chances are, neither did anybody else. Businesses often don’t advertise scholarships much so keep an eye out. You may be able to find a few $500-$1,000 scholarships for college.

4. Sell Your Junk – If you do not live at home and live on campus, you will be living in a much smaller space. You do not need as much stuff cluttering your already small space. You can make a decent amount of money selling your excess stuff that you don’t use anymore.

5. Save Now – If you are still in high school and have extra money, put it away now. Although banks are offering lower returns on larger savings accounts, consider opening a Certificate of Deposit (CD). A CD will normally earn about 2-3% interest each year. If you put away $1,000 when you are 14, your account could be up to $1,300-$1,400 by the time you are ready to leave for college. Sure it’s only a few hundred bucks but it’s a lot more then you would receive if it were just in a plain savings account. Plus that extra few hundred bucks will cover a lot of your major college supplies.

These are just some of the many ways to save money for college. Preparing for college ahead of time is your best bet to succeed and begin the path to a career. Don’t wait until you are in college to look on how to save, start now.

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Tags: college expenses, college money, community college, money for college, money for school, save money for college

One Response to “5 Secrets to Save Money For College”

1. Karin Utilai says:

   November 18, 2010 at 6:38 am

   College is a fun and hard experience at the same time. You will leave college with debts so you have to find ways to save money where ever you can but still having fun. I started bartering my college furniture for my new apartment on BarterQuest. It saved me a lot of money because I didn’t need to buy everything brand new.