Fortunately for those on a tight budget, the Web is full of free info about to save money for a child's college fund. In fact, in this shaky economy, even those who are financially stable will need to do some advance planning for their children's college education.
Free Info About How to Save Money for a Child's College Fund
Love to Know features many helpful articles about how to save money for a child's college fund. For example, consider the advantages of Upromise College Funds. Upromise allows you to link specific credit cards to a college savings account. Special purchases made on those cards qualify for incentive funds that will be contributed to your child's college fund. Certain products, ranging from cereal to home improvement items, also have a tie-in to Upromise.
Be sure to read this article about free government money. The section about free money for college discusses the government's Federal Pell Grants for students from low income families. Perusing this article about tips for college student's budgets can help your child practice living under a typical student's financial arrangements. Take a look at the clever tips about installing a clothesline in the bathroom, buying textbooks from friends who have taken the course and more.
Federal Student Aid on the Web
Student Aid is an office of the U.S. Department of Education. Its mission is to ensure that eligible individuals can receive federally funded financial assistance for their college educations. Federal Student Aid on the Web performs the following functions:
- Processes 14 million student financial aid applications each year
- Disburses over $80 billion annually in financial aid for college
- Enforces financial aid rules and regulations
- Educating students and families on the process of obtaining financial aid
Federal Aid Student Information Center Information
The Federal Aid Student Information Center has a toll-free phone number: 1-800-4-FED-AID (1-800-433-3243). You can call them to find:
- Information about federal student
- Help for making corrections to your student aid report
- Information about determining your need for financial aid
Finding College Fund Information through FinAid
FinAid is a website that provides a goldmine of free info about how to save money for a child's college fund. For example, according to FinAid, saving $50 a month from the time of your child's birth would yield about $20,000 by the time reaches college age. This assumes a seven percent return on your investment. The site also features a free financial video about applying for a FAFSA which is an acronym for Free Application for Federal Student Aid.
118 Ways to Save Money in College
Although 118 Ways to save Money in College is a website about college life, its principles can be applied to the teenage years. For example, take a look at this Break the Starbucks Habit and Save Big comparison chart. If that does not get your teenager, and even you, to brew their own, nothing will! The website also suggests saving the receipts for everything that you buy. Then, at the end of the month, tally them up and determine where you having your spending binge.
The website also mentions sites that offer academic discounts for computers including Apple.
Before you know it, it will be time for college. Don't let it take you by surprise. Start saving now!