From the time many children are in elementary school, they are taught to start saving early for that college education. With the cost of higher learning increasing 5.9 % every year, attending a four-year college is becoming more and more difficult financially. Most students need assistance from someone or somewhere to pay for it. There are many different ways to save money for college. These are just a few.
Those that are academically gifted are sought after by the best college institutions. As long as students have excellent grades and behave as good citizens, it is possible for them to find a university that will invite them to attend with at least a partial scholarship. Academic competition abounds, however, an it is difficult for students to find a full ride for four years. It may also be difficult to find a way to pay for books, room and board, extra school supplies and basic living expenses. Private groups, such as churches, service organizations and charitable foundations frequently offer small scholarships which will supplement the academic scholarships. Sports scholarships are also available at many larger schools that have competitive intercollegiate programs. Schools that are nationally ranked within their divisions or within their conferences in sports such as football, basketball, soccer, volleyball and track and field tend to offer financial scholarships to gifted athletes. As long as the student meets academic and/or athletic requirements, they are eligible to receive partial or full financial scholarships throughout their school tenure.
The most old-fashioned way to plan for college is to squirrel away every penny, nickel, dime, quarter and dollar. Many financial institutions offer standard savings accounts for children that is free of service charges and must be supervised by a parent or guardian. The interest on these types of bank accounts is not as high as on other types of long-term investment, but it does allow children to learn the skills involved in saving money for the future. It also helps them learn how to manage their finances from a young age.
Borrowing money is one of the most common methods of paying for college. Filling out a student loan application can be a daunting task for a teen-ager that has never done it before. In many cases, they may need assistance from parents or older siblings to properly supply all of the information needed. Whether a government loan or a private education loan, it is not guaranteed that the money will come through. Most students try for a government grant or loan first before borrowing from a private lending institution. Since there is limited government funding, there is usually a combination of sources used to pay for school.