Going to college is a big step in a young person’s life.  It is a major transition that can provide increased earning potential and new employment opportunities.  Attending college also provides an excellent network for future business contacts.  The university experience helps make the transition from high school to the “real world” more smooth.  However, college is often a luxury that is not afforded to all.  A university experience is very expensive and may seem far from reach. 

Even with limited resources there are ways to plan for college.  Parents or grandparents can save money in a 529 plan for a child.  If a few dollars a week are added to the fund from the time the child is born, a significant amount of money can be accumulated to help pay for college costs.  Children can help save money for college by raking neighbors’ leaves or shoveling snow in the winter.  Teenagers can babysit to earn extra money.  Part time jobs are also an excellent idea to help teenagers learn responsibility.  Important life skills are acquired when a child is taught the importance of saving from a young age.  Parents should encourage their teenagers to save half of their paychecks for college.

College bound teenagers should also look into untapped scholarships.  Universities offer large sums of cash to help students pay for tuition.  Most scholarships have simple requirements such as writing an essay, filling out paperwork, or requesting recommendation letters.  Many companies and private organizations offer scholarships.  Parents should check with their employer to see if they offer a scholarship contest.  Students should search online for options and apply for as many scholarships as possible.

Most universities offer work study programs for students.  A FAFSA form may be required to qualify for this type of position.  Work study is a great option to help pay for classes while in school.  There is also the option of working a part time job while in college.  Many employers will help fund an employee’s college education.  Working while in school also helps the student gain responsibility and learn to have a work/life balance. 

Student loans are available for students to pay for tuition and fees.  These should be used after savings, scholarships, and money from part time jobs are applied.  Student loans make a university education an option for many who would otherwise not have the chance to attend, but they should not be used to fund the entire education unless it is the only option.  New graduates will feel relieved to graduate with a minimal amount of debt, and this should be the goal with proper planning.