Education can only brighten your future. Higher education can open the door to a world of opportunity. You know that it’s going to take money to go to college—a lot of money! In recent years, the cost of attending a public university has risen nearly 51%! And there are a lot of expenses with going to college other than tuition—books, supplies, food, clothes, entertainment, etc.
Paying for the “Little” Expenses
Most pay for college with a combination of sources—grants, scholarships, student loans, and saving (visit Saving and Paying for College to learn more). Some students use loans to pay for personal expenses such as laptops, phones, books, etc., not knowing this significantly increases the cost of these items. What’s also important to know is that all the money you borrow for your college expenses has to be paid back at some point. So, the less you can borrow the better. That’s why saving a little to pay for these items makes a big difference. The earlier you start the better!
Use this Student Budget calculator to calculate how much you will save for your goals.
If saving is the difference maker early on in the college planning game, then the big question is “Where’s the best place to save?” We’re glad you asked. Here are some places you can start:
- 529 Plan: Good for tuition and miscellaneous expenses.
Take a look at College Savings Plans for an in-depth look at college savings plans.