{"id":139,"date":"2019-03-20T08:26:07","date_gmt":"2019-03-20T08:26:07","guid":{"rendered":"https:\/\/www.checkoutsaver.com\/blog\/?p=139"},"modified":"2020-02-22T00:22:26","modified_gmt":"2020-02-22T00:22:26","slug":"tips-to-save-money-for-college","status":"publish","type":"post","link":"https:\/\/www.checkoutsaver.com\/blog\/tips-to-save-money-for-college\/","title":{"rendered":"Tips to Save Money for College"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Whether you\u2019re looking to save money for your own education or if you\u2019re thinking ahead to saving for your future children\u2019s education, saving money for college is important. Besides, your bank account will thank you later for the work you put in up front.<\/p>\n\n\n\n

Student Loans Exist. Why Should I Save Money for College?<\/h2>\n\n\n\n

Yes, you\u2019re right, student loans do exist, and they can be a great option to supplement your college fund. But student loans have to be paid back, and their interest rates are\u2026not small, that\u2019s for sure. According to nerdwallet<\/a>, the interest rate for federal student loans for undergraduates is 5.05% for the current 2018-2019 school year. For parent loans or graduate loans, those numbers go up to 7.60% and 6.60%, respectively. These numbers are also the minimum amounts – actual interest rates could be a lot higher than this.<\/p>\n\n\n\n

You might be able to find an interest rate on a private student loan for less than that, but typically you need outstanding credit for that.<\/p>\n\n\n\n

Here are some actual numbers: Let\u2019s say you took out a $13,000 loan at this 5.05% interest rate with a term of 10 years. Your monthly payment would be $138.20, and you would pay $3,584 in interest. So over those 10 years, you would pay $16,584. <\/p>\n\n\n\n

Obviously these numbers vary by person, college, and situation, but this can give you an idea. Nerdwallet has a calculator<\/a> on their site that can give you an estimate based on your situation.<\/p>\n\n\n\n

Okay, So I Don\u2019t Want Lots of Loans. Now What?<\/h2>\n\n\n\n

Start saving money now. Whether you want to find an app that rounds up your debit card purchases and puts the extra change in savings or if you want to add a line item on your budget, it doesn\u2019t matter. Just start putting money aside now. <\/p>\n\n\n\n

If you\u2019re looking for an easy way to make some extra money online, remember our services here at Checkout Saver. Whether you\u2019re looking for cashback on online purchases<\/a> or a way to earn some extra money through selling gift cards or one-time coupons, we have lots of options to help you generate some extra money. You can put that money directly into a college savings account, and your future self will thank you.<\/p>\n\n\n\n

What About Saving While I\u2019m in College?<\/h2>\n\n\n\n

There are some great ways to save money on little things while you\u2019re in college.<\/p>\n\n\n\n

  • Find the cheapest places to purchase textbooks. (Hint: it\u2019s probably not the official bookstore. Check places like Chegg and Amazon, or see if your book has a PDF available online.)<\/li>
  • Use your meal plan if you have it, or shop wisely at the grocery store. It might not be fun to go to the dining hall on Saturday instead of out to eat with your friends, but you (or maybe your parents) have already paid for that meal plan. If you definitely want to go out, don\u2019t let that meal swipe go to waste. At least grab some fruit or something you can take to-go from the dining hall.<\/li>
  • Walk anywhere you can, or consider buying a secondhand bike. First of all, you need to be safe, so if that means getting an Uber when it\u2019s late at night and you have a long walk ahead of you – put your safety first. But if it\u2019s the middle of the day (yes, even if it\u2019s raining), make an effort to walk where you need to go instead of paying for an Uber or other ride-share service. If you know you have long treks to work or class, consider purchasing a bike – either new or used. You won\u2019t have to pay for the expensive car parking permit, and you\u2019ll be able to get where you need to go more quickly.<\/li><\/ul>\n\n\n\n

    If you end up taking out student loans, make sure you pay them off as soon as possible, even if that means starting to pay them off while you\u2019re in school. The sooner you can be debt-free the better.<\/p>\n\n\n\n

    Do you have money-saving tips for college that we missed? Let us know in the comments below!<\/p>\n","protected":false},"excerpt":{"rendered":"

    Whether you\u2019re looking to save money for your own education or if you\u2019re thinking ahead to saving for your future children\u2019s education, saving money for college is important. 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