Parents’ Guide for Ways to Save for College

Once your kids start school, this is the perfect time to start saving for their college education. Depending on which college or university your child plans to attend, the average cost for the 2022-2023 academic year ranged from $28,240 to $39,400 at public or private colleges.

If you haven’t started saving or haven’t saved much yet for your child's college fund, there is still time to save money and prepare for the big expense. Clark County Credit Union has prepared guidelines to prepare you for college expenses.

1. Start saving early

Just like with other kinds of savings accounts, the earlier you begin to save, the more interest you can accumulate over time. Open a secondary savings account and automate savings to make the process streamlined and separate from your everyday spending.

2. Utilize college planning tools

In addition to savings accounts, consider using different tools to help you narrow down your options and compare which plan best fits your financial situation.

The College Savings Plans Network has a tool that can compare 529 Plans by state and allows you to filter features that are most important to you.

Want to hear more? We spoke with Nevada’s 529 College Savings Direct Plan representative on episode 45 of The Perfect Bite- listen to the full episode here.

3. Check out other resources

If a savings account is still not enough to cover the costs, there are several ways you can earn money for college. Here are some common resources you can check out.

  • Grants – most grants are offered by the government when you submit a FAFSA. You may also try for grants with your local college or nonprofit.
  • Scholarships – there are numerous scholarships available to students including both merit-based and performance based. Check with your child’s school and other resources for opportunities. *Each Spring CCCU accepts applications for their Smart Start Scholarship from CCCU member students, so mark your calendars.
  • Student loans – student loans are offered by the federal government or by private lenders. Some loans are designed to help borrowers with financial needs and some offer lower interest rates. If you decide to move forward with student loans, make sure you know the difference between a federal loan and a private student loan.

Saving for your child’s college fund requires you to be strategic and continuously educate yourself with different college savings plans and resources. Visit CCCULV.ORG to open your child’s savings account for college expenses.