College Factual  by our College Data Analytics Team
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College Savings Tips

While every student is different, here are some of the basics you need to know when it comes to saving for college. The best thing you can do as a student is make sure you discuss with your parents what the plans are so you have an understanding of how much you can afford. You should also ask them how you can contribute to any savings and where you should be depositing your money if so.

Some of the main ways your parents may be saving for your education are:

529 Plans

Custodial Accounts

IRA Accounts

How Should I Begin Saving Money?

It may not seem like you can contribute much to your tuition expenses with a part-time job, but let’s look at an example of how your money can add up:

Example Scenario

Potential Earnings

If a student:

Annual Savings Potential

Long-term Impact

Important Considerations

Do College Savings Affect Financial Aid?

Yes, but not enough to make a significant difference. Under current federal formulas:

Recommendations

For more information on Financial Aid, check out our comprehensive guide on understanding and maximizing your financial aid opportunities.

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