Paying for your child’s college tuition is probably the biggest expense for parents. Each year, tuition rises, along with the cost of living. Westport Federal Credit Union wants to help you start saving early so you’re not too stressed out when that time comes.
How much money do you need to save in a certain amount of time? There really is no correct answer, but the sooner you start saving the better off you will be. In fact, it’s encouraged to even start saving for your child’s tuition before they are born! But, the truth is, that is very unrealistic for some families due to all of their other expenses they have to pay for. So what should you do? At Westport Federal Credit Union we have a variety of options to help.
Open a savings account for your child’s college tuition and have automatic monthly/weekly/biweekly payments go into the account. If you put in $100 one month, the next month try to put $105 in and so on each month to keep up with the inflation of college tuition.
You can save close to $11,000 if you were to save $50 a month for 18 years. That may not seem like a lot, but every little bit helps. What’s next?
During their senior year of high school, the student is able to apply for FAFSA to see if they are eligible for any federal grants. If that’s still not enough, there is an impressive amount of scholarship money out there that can be applied for your junior/senior year of high school.
If you have saved some money, applied for federal grants and scholarships, received your financial aid package from school, and you still owe some money, don’t worry! Westport Federal Credit Union has partnered with Sallie Mae to offer student loans with competitive interest rates, no origination fee or prepayment penalties, and offers multiple repayment options.
Take the first step today by opening a savings account for your child’s education. Contact Member Services to learn more.