Students and families who have college savings are always in a better position when it comes to paying for college. Every dollar available from savings is a dollar that doesn’t have to be borrowed and repaid with interest!
Even saving a few dollars each week can help make paying for college easier. Higher education is typically paid for using a variety of sources, such as financial aid, scholarships, student loans, income, and savings. Most families don’t save enough to cover all costs but having savings gives them more options and allows them to borrow less.
Ways to Save
There are many ways you can save for higher education. Learn more about savings options such as 529 and Coverdell accounts, bonds and other options that may work for your family.
Section 529 plans are tax-advantaged investment plans available through most states to help students and families prepare for college expenses. Maine residents can also get matching grants when they save with NextGen 529 — Maine’s Section 529 plan.
Tips to Help You Save
It can be hard to find money to save for college — especially when it feels far away. Here are some ideas to help you get started today.