Quick College Savings Notes:

• Highschoolers can save money for college, read more to learn how!
• Money Saving Action Plan:
  • Step 1: Work with a financial advisor
  • Step2: Set a savings goal
  • Step3: Create a budget
  • Step 4: Choose a savings plan
  • Step5: Automate your savings
  • Step6: Review your plan regularly
• When college is knocking at your door, research ALL your money saving options like FASFA or Work Study.

Students, you can save money for college, and we are here to tell you how.

This blog post is for those wanting to save for college while in high school.

If that isn’t you, hand whatever device you are reading this on to a high schooler you know.

Just kidding, everyone can stick around but parents, know that college saving doesn’t have to be all on you.

We believe everyone deserves the opportunity to attend college, but with the cost ever increasing it is easy to be discouraged.  We are here to help try and squash that fear.

The Facts

College is expensive and there is no doubt about it, but knowledge is power. It is better to know more about that price tag. According to U.S. News, ‘See the Average College Tuition in 2024-2025,’ in 2024-2025 the average college tuition & fees of four-year universities are as follows: 

• Private = $43,505
• Public, out-of-state = $24,513
• Public, in-state = $11,011.

Ouch.

What does this mean to you?

These are simply averages, depending on the state you live in or go to for college or what college you decide to go to, the final price you pay may deviate. Regardless it is a valuable number to consider when planning to save up for college.

College Saving Action Plan

Step 1: Work with a financial advisor

A financial advisor can help you assess your current financial situation, set realistic savings goals, and choose the right savings vehicle for your family.

Having a professional point of view will help guide you with the right tools. For students, being held accountable through a plan also helps make a successful plan come to life.

Step 2: Set a savings goal

How much money do you want to save for college? Keep in mind that the cost of college is rising, so it's important to set a realistic goal.

Assess what is your best option with the above tuition averages. Making a smart financial decision for your personal situation will always be admirable.

Step 3: Create a budget

Once you know how much money you need to save, create a budget that will help you reach your goal. This may involve cutting back on some expenses or finding ways to earn extra money.

Working a part time job in high school as allotted with extra curriculars and schoolwork is a great way to save for college.

Budgeting is key, even just in a part time job. When budgeting and saving for college, if possible, put forth a lot of your income toward college savings. Plan to be frugal and avoid spending money on things that, put simply, you don’t need. Sorry not sorry!

It’s easy to fall into trends with social media and friends, but trends are usually short lived. Don’t fall into the trap of buying items that won’t last you long and you won’t get your moneys worth.

Step 4: Choose a savings plan

There are many ways to save college, including 529 plans and traditional savings accounts. Each option has its advantages and disadvantages, so it's important to choose the one that's right for your family. A financial advisor can help you understand the different options and choose the one that best meets your needs.

Put simply, a 529 is an account that an individual makes contributions with after-tax dollars, which are invested into mutual funds, electronic transfer funds, or other diverse investments. A 529 can also be added as a gift. Here’s why it’s NEVER too late to start a 529 plan, and how to catch up.

For example, when your birthday rolls around, ask your family members to contribute to your 529 versus giving you cash in a card. These make a positive difference when paying college tuition comes around

Step 5: Automate your savings

One of the best ways to save money is to automate your savings. This means setting up a recurring transfer from your checking account to your savings account each month. A financial advisor can help you set up this system and make sure it's working properly.

Automation will make saving for college easy and handsfree, making you accountable to reaching your savings goals.

Step 6: Review your plan regularly

As your financial situation changes, you may need to update your savings plan. A financial advisor can help you review your plan regularly and adjust as needed.

Need more info? Here’s How to Save for College (Even With a Late Start!)

Almost Time for College!

Once college finds its way at your door, it doesn’t mean you can’t keep meeting your savings goals. More money saving opportunities arise.

With the hope you worked hard in high school to get great grades, many colleges will offer academic scholarships. It is important to be competitive in high school to reap benefits later.

Academic scholarships are a great deciding factor when you are choosing a college. Continue to use your savings plan in respect to choose a college to attend.

It may also be helpful to know which of the colleges you’re interested in offering academic scholarships. All this information is usually provided online so do your research!

Using FASFA In Your Financial Planning

FASFA is also a very useful resource for making college more affordable. FASFA is the largest provider of student aid in the country. Even if you don’t think you will receive any aid from FASFA, it is imperative to apply. Universities often refer to if you submitted a FASFA when granting all forms of aid, even academic based scholarships.

Federal Work Study is also something to investigate prior to college. Work Study is an opportunity for students who need help earning money to pay for college. This program provides part-time jobs for students in college with financial need. These work study positions are also often related to your major.

If you haven’t seen it already, explore the official Federal Student Aid website.

Why is this important?

As established earlier, college is expensive.

While a degree is an investment for the future, student loan debt can bring a lot of difficulty getting a foot hold in life post-grad. The trick to avoiding this type of debt, is starting as early as you can.

Save early, study hard, and do your research on potential colleges.

We never claimed this to be an easy feat, especially as a high schooler, but it is far from impossible, especially with the help of one of our advisors.

Feel free to give us a call or plan a meeting and start planning your debt-free future. 

Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer's official statement and should be read carefully before investing.

Investors should also consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investment in any state's 529 Plan.