Saving for College
You’ve probably already seen the headlines about college tuition costs rising.
But did you know that the College Board reports that a "moderate" college budget for an in-state public college for the 2014–2015 academic year averaged $23,410. A moderate budget at a private college averaged $46,272. And college costs are increasing at about twice the rate of inflation each year and have averaged between 6% -7% for several decades.
Now, for the good news! There are quite a few sources of financial aid available so many families don’t have to cover 100% of college tuition. Also, you’re obviously thinking about what you need to save for college and that’s another significant hurdle you’re about to overcome. FedChoice is here to help you and your family achieve your college dreams.
To help you figure out how much you need to save now and have available 5, 10 or 15 years from now, go to our Savings Calculator.
What savings programs do you have available to cover education?
We have one savings account specifically designed to help you pay for the future cost of a child’s education. The Coverdell Education Savings Account allows you to save up to $2,000 per year for each child until the child reaches age 18. The contributions and earnings are tax-free when withdrawn to pay for tuition, fees, books, supplies and equipment.
Another option that gives you plenty of flexibility is our Special Savings Account, which allows you to set aside money for a specific purpose such as college.
And, did you know that you or your child could apply for a student loan through FedChoice? Check out our cuScholar private student loan program – show the link - https://www.fedchoice.org/loans/student-loans/
As always, FedChoice members benefit from higher than standard rates on most deposits. Check our rates and see for yourself.