4 Ways to Save Big on College Costs

Who would like to save a ton of money on college? Well then, you came to the right place. This article from Money Central offers four ideas that can save you big money on college costs. Their tips:

First step for those with college-age children: Do your taxes now. Then use the tax return to fill out the Free Application for Federal Student Aid (FAFSA), which schools use as a basis for many award decisions. Since decisions often occur on a first-come, first-served basis, early bird filers have a better chance of getting the financial-aid worm. After that, consider these four strategies to keep costs down:

1. Scholarships: apply, apply, apply.

2. Try low-cost schools. (Attend a lower-priced school for the first two years, then transfer and graduate from a "better" school.)

3. More tests mean smaller bills. Less time on campus means fewer tuition bills, since colleges usually charge according to the number of courses taken. Advanced placement (AP) tests provide a way to cut back on the hours -- and the dollars -- spent pursuing a college degree.

4. Shop around to save. As a Colorado resident, Allan Roth qualifies for tax deductions if he contributes to his own state's 529 program, a tax shelter for college savings. But for the past five years, he's been steering the lion's share of his college nest egg into Utah's 529 program. The reason: Utah's low plan-management fees enable him to save more, even though he doesn't get a state tax deduction.

Some great tips here. I won't need them for awhile (other than #4 -- I need to investigate 529s), but this is good information for those of you facing the cost of college sooner.

For more information on college and how to save for and on it, see these links:

• Suffering from College Sticker Shock? Trim First and Second-Year Expenses with the Hope Tax Credit
• Tax Credits for Education
• Four Basic Ways to Save for College
• College Saving 101: Sorting through the Choices
• Five Tips to Saving for College

Comments

[Charlie C]

so i googled college savings and came up with a few websites that might help fellow parents get more information on how to save money for college. www.savingforcollege.com , www.upromise.com and www.littlegrad.com the first weblink will help you get more information about saving for college and the other 2 are resources to help you save. hope this helps you guys out, it certainly helped me out.

[Hana]

A radical idea: study outside the US. My daughter is studying at a prestigious Belgian college of music. Her tuition? 5,500 Euros a year for a Juilliard class education. No there are no dorms, but even with living expenses, we would probably save a bundle over studies in the US -and the degree program is only 3 years. Its just as true for other schools and subjects as well.

[Brsndon Roark]

Just save it say to your self i have not got money.

[Brandon Roark]

Don't waste your money. Spend on something you can use like a car or put it in a savings account.