5 Tips for Saving for College in 2017

Getting a college degree is more expensive than ever. Student debt is growing and may be a real problem for recent graduates. According to the Federal Reserve Board, students in the USA now hold a whopping $1.4 trillion dollars of student debt. This means on average, that each graduate owes $30,000 or more just when they are joining the workforce! Another recent report shows that more than 11% of graduates default on these student loans by their third year of repayment. Don’t let student debt start you off on the wrong foot. Here are some tips from the best bank at the Lake of the Ozarks to help you prepare financially for college!

5 Tips for Saving for College in 2017

1. Choose the right college for YOU.

As the time to choose your college approaches, you may feel pressure from fellow classmates, friends, or even your parents to choose a certain college. It’s important to choose the best school for YOU because you are most likely the person that will end up paying for your education. Certain colleges are more expensive than others, especially if you are considering attending college out of state. Out of state tuition typically runs higher than in state tuition. Schedule some college visits, speak to advisors, current, and former students. They can give you a better perspective on whether that school is good for your major. You can also receive an inside look at how financially realistic that college is for you because they themselves are either paying for their education or advising students who are paying for their education.

2. Apply for scholarships and grants early.

Certain students are eligible to receive federal grants once they complete their FAFSA application. There are thousands of scholarships available as well and not just within your school. Check with local churches and charities, you may qualify for more scholarships than you think.

3. Save early on.

From the moment, you get that first part time job in high school, start putting a little away each month. It is never too early to start putting away money for college. You will be happy that you did when you are older.

4. Try “crowdfunding.”

Crowdfunding has become a popular source for college financing these days. Crowdfunding requires visiting a site such as:

• GoFundMe
• ScholarMatch

These sites are designed to help students raise money for college. You simply set up an account, upload a photo of yourself, add your personal story and then share this with your friends and family on your social media platforms.

5. Earn college credit, while still in high school to maximize your savings.

Some high schools offer college credited classes and they tend to be much more budget friendly than the classes in college. Take courses such as these when you get the chance. It can not only save you money, but also shorten the amount of time it takes to get your bachelor’s degree.

Need a Savings Account to Get You Started?

Stop by First Bank of the Lake and ask one our friendly banking staff members in Osage Beach about opening a savings account. They can recommend which type of savings account will work best for your needs.



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4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265