- Office of Consumer Affairs and Business Regulation
September is recognized as College Savings Month to bring awareness to students and their families about the importance of saving early and consistently. With the increasing costs of textbooks, housing, and tuition, saving early can help students earn their degree with less stress.
How can you start saving early?
- Plan a budget early: Research your financing options and potential expenses before you arrive on campus to be able to create a realistic budget and savings plan
- Set goals: Decide how much you want to save and make committed manageable contributions to a designated bank account
- Don’t spend all of your “fun” money: Save part of the extra cash that you get on your birthday or holidays
- Look for student discounts: Schools and businesses around a campus community often offer reduced prices for students. But be aware of scams. Fraudsters like to target students using terms like “instant forgiveness” or “special deal.” Carefully identify legitimate loan servicers and contact your financial aid office directly. Verify a business or special offer before making purchases.
How much should you save?
Starting your college search journey early can help estimate how much you should save up! Do you want to attend college in a big city or small community? Interested in on- or off-campus housing? Will you be a commuter? Expenses will vary depending on your preferences.
Figuring out what your future might look like is a great way to determine the potential cost of attendance for the college you wish to go to as well as the cost of living in a particular place. Then you can find out about financing options early to help you manage tuition and fees.
Parents, this month is a great time to talk to your students about money, no matter how young they are. Discussing their education goals and financial contributions can help them to learn to budget early and save often. Talking to students about scholarships and grants that they could apply to while in high school, finding a summer job before college to save up, and learning about the cost of attendance can motivate students to contribute to their education.
What if you can’t save up enough in time?
Saving money does not have to be stressful. There are other ways to help finance a college education, like scholarship opportunities. Visit Massachusetts Financial Aid Programs | Mass.gov to explore available programs and start applying early.
This September, parents can encourage students to take the first step by opening a savings account or talking about future education plans. Small steps today can make a big impact in the near and far future.
