College Savings 101: What You Should Know | St. Johns Bank

According to the National Center for Education Statistics, approximately 20.4 million students planned to seek higher education in the United States in the fall of 2017. Whether your child is planning on attending college this year, the year after or sometime further in the future, our team at St. Johns Bank wants to help you make financially planning for your child’s education as easy as possible.

Planning for Your Children’s Education

One of the things St. Johns Bank prides ourselves on is our dedication to helping both parents and students find the right financial path when it comes to saving for a college education. Let’s take a look at some ways to begin tackling the financing of your child’s college education sooner rather than later.

First, you might want to consider opening a 529 college savings account. A 529 college savings account is set up to help make college savings as easy as possible.

There are two types of 529 college savings account plans—prepaid tuition plans and college savings plans. Talk to one of our knowledgeable team members who can help you make the right choice for your student.

Second, you want to start budgeting with your child’s college expenses in mind. If you can go ahead and start setting aside money each month for your child’s monthly tuition and other college expenses, then your personal finances won’t feel quite as big of a shock when your child goes off to college.

Finally, do your research when it comes to grants and scholarships that could be available to your child to help pay for his or her college education. If you’re not sure where to begin looking, talk with the guidance counselor at your child’s school. He or she will be able to point you in the right direction and help your child fill out any necessary forms to apply.

Do you have a high school student preparing for college? Visit the St. Johns Bank’s College Center for information to help ease the process of your student going from high school to college in the next year or two.