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How to Save Money on College

Monday, 11 Oct 2010 04:26 PM

College and university students often spend their time trying to balance their expenses. Regardless of whether the students have college scholarships, grants, and loans, they may still find it hard to pay their bills. Here is a list of new ways students can save some money when going to college:
 
First, a student should get a savings account. If the student wants to have a credit card, they should ensure they get the one that has the lowest interest rate. The student should try to pay credit card bills on time. In addition, the student should avoid drinking as much as possible to save money. If you choose to drink, the choice should be a cheaper brand, which will save you money.
 
Further, a student should always try to borrow a book before buying it. If they find it difficult to borrow the book, they should try to buy used textbooks that cost less than a new one. One way to save money on college is seeking benefits of weekly coupons and following weekly sales.
 
If a student wants to buy a computer, they should consider purchasing it from a student special, including special offers such as discounts, rebates, etc.
 
A student should try to get a studio apartment or share their rent with other roommates to decrease their cost of living. The best time for students to shop for apartments is Thanksgiving and before Christmas. They can get maximum savings during this period.
 
In the U.S., there is a 529 plan, which could be defined as a tax-advantaged investment vehicle. This plan aims to encourage saving for the future higher education expenses of students. Basically, there are two types of 529 plans, namely, prepaid and savings plans. The prepaid plans permit a student to purchase tuition credits at the ongoing rates, and they can also be used in the future. However, savings plans are quite different. This is because of the fact that its entire growth is based upon the market performance of the underlying investments. This kind of plan basically consists of mutual funds. There are many advantages of most of these 529 savings plans. One is that they offer many age-based asset allocation options.

Further, the underlying investments turn more conservative through this plan. While the prepaid plans could be easily administered by either states or the higher education institutions, the saving plans can only be administered by states.
 
Following these measures, it’s sure that the student ends up saving quite a bit while completing their education.

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