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5 Tips on How to Save Money for College Tuition

5 Tips on How to Save Money for College Tuition

Once you decide to go to college and get your degree, you’ll feel excited about what will happen in the next—it’s the same case for your wallet. You may have to pay not only the tuition but also support your family financially in the same time. Well the good thing is there are actually financial hopes and tips on how to save money for your college tuition. Here we go!

1. Fill out FAFSA.

You can start saving money on the college tuition by filling out the application of FAFSA, which is the Free Application for Federal Student Aid. Free money is the best place to start for your tuition. Generally, distance or online learning require less tuition fee compared with on-site learning, but they both qualify for the Federal Financial Aid. Even if you think you are not eligible for the program, still try to fill the FAFSA out—sometimes you may be qualified! So do yourself a favor and try it out. Also, Federal Grant or Loan may be available for you and keep in mind, the money are just free and you don’t have to pay them back and such grant can be applied in childcare, books, bills or other expenditures. Please remember to send the results of grant to the school you are attending in advance.

2. Contact the school’s financial aid office for information.

Contact the financial aid office of the school you are enrolling if you have any question about the possible financial aid, grant or scholarship available in your case. It may be a little more difficult if you don’t go to campus personally, but keep in mind that “You don’t know unless you ask.”

3. Pick out and apply for all scholarships you qualified.

Look through all the scholarships that you may be qualified and apply for each of them. All of them are free money and the only cost for you is the time and effort to write small essays and fill out the forms.

4. Hope Tax Credit and Lifetime Learning Credit.

When tax reporting season comes, you need to make sure you use either one of the Hope Tax Credit or Lifetime Learning Credit. These two items have different requirements and rules so that you should make sure which one you are qualified for. You will be able to process the tax smoothly with the help of any other income tax software kits as well.

5. Be mindful about student discounts.

Some companies provide discounted prices on certain items for students, for example, if you need a laptop, calculator or general supplies, ask if there are discounts for student before you buy. Besides, you can also check if applicable discount are there for students including auto insurance, cell phone plan, bus/train/metro pass and gym membership card.

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