Posts Tagged ‘saving for college’

Five Small Ways to Save for College in High School

You may think that as a high school student there isn’t a whole lot you can do to pay for your college education, but, you might be surprised how a little can go a long way.

For those of you who won’t qualify for financial aid but are still responsible for generating the funds, or for those of you who want to decrease your loan amount by contributing what you can, here is a list of small ways to save that can help you big while you’re still in high school.

$20/Week: While you’re probably only making a few hundred dollars a month with a part time job, if you can afford to place $20.00 from every weekly paycheck into a savings account your junior and senior years of high school, that’s over $2,000 by the time you enter college. That’s equivalent to one-third of the average tuition for one year at state school.

Save Those Birthday Cards: Instead of blowing the $50 you received from grandma on your birthday on new clothes or movie tickets, start a saving account while you’re still in high school for any money you receive between now and college. Between birthdays, Christmases, family traditions, holidays, and your graduation, you could find yourself with another $1,000 to put toward college. That could pay for one year of textbooks and school supplies.

Talk to Your Bank: While having a savings account is great, you may not have the best savings account for your specific needs. Talk to your bank about the best account to save for college, as some accounts may have higher interest rates, which will provide you with a little extra money in the long run. You may also want to inquire about CDs- Certificates of Deposit. A CD allows you to deposit money at a bank as you would an account; however you will be unable to access that money for a given amount of time, whether that be six months or several years. When that time is up, you’ll receive your money back in addition to the interest accumulated on it. As a minor, you will likely have to have your parents set up the CD with the bank.

Roll Your Pennies: It may sound completely ridiculous and childish, but saving spare change in a jug over years at a time has been proven to add up quickly. According to a Banking My Way article published in 2009, a family was able to save $7,000 in change over five years. That could be a whole year’s worth of tuition! While you may not be able to hit that number, others report having saved around $400 a year with this method.

Senior Sale: Before going off to college, you may want to do some serious springcleaning. Perhaps you don’t actually want to, but your parents aren’t giving you a choice. Instead of tossing everything away, include yourself in a neighborhood yard sale, or sell your old things on sites such as Craigslist or eBay. A little extra cash can pay for honor society fees, club t-shirts, and other little college expenses you may not have foreseen.

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15 Colleges and Universities with Best Return on Investment

In light of the current financial atmosphere and increasing cost of college tuition, a lot of people are wondering if it’s even worth it to go into debt for a college education. Well, fortunately for those who do wind up paying mind-blowingly large heaps of money to pay for their higher education costs, research generally shows that they will earn millions more than peers with no college education over the course of a lifetime. So–good news–there’s definitely a return of investment for most college degrees.

According the Daily Beast‘s college rankings, degrees from certain colleges are worth even more in terms of return on investment (ROI). But, this ROI ranking doesn’t just take into account money, although it’s a big part of it. This ranking takes into account nostalgia and good memories from college, aka: happiness.

So,the Daily Beast’s list of schools with “Best Return on Investment” is based on satisfaction of alumni with college experience along with donations to school and Payscale.com’s ranking the colleges worth the investment.

Here are the top 15 schools:

1. Princeton University

2. Amherst College

3. Dartmouth College 

4. Williams College

5. College of Holy Cross

6. University of Notre Dame

7. Georgia Institute of Technology

8. Middlebury College 

9. Harvey Mudd College

10. California Institute of Technology

11. Carleton College

12. Colgate University

13. Davidson College

14. University of Virginia

15. Union College