College Savings

Whether you're new parents or your baby is leaving for college in a few years, how to pay for college is on your mind. But don't despair. Our College Savings page provides you with calculators, videos, and articles on how you can help pay for college through Section 529 Plans, scholarships, loans, and even life insurance.

College Savings & Planning Overview

Are you ready for college?

Facing tuition of $20,000 a year, a full-time undergraduate student at a public four-year school who receives an average of $5,750 in scholarships and grants must still cover more than $14,000 in tuition, room, and board costs.

Why it matters

Nearly 70% of graduating seniors leave college with an average of $30,000 in student loan debt.

The bottom line

There are many options to help pay for college including scholarships, grants, 529 plans, and even life insurance.

 


Planning for College

Calculator

How much do I need to save for college?

Calculate

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A primer on college financial aid

As college costs continue to climb, grants, scholarships, and other forms of financial aid are playing an increasingly vital role in making higher education more affordable.

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Video

Saving for college

No matter how old your child is, it’s never too late, or too early to start saving.

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Investment

Consider Section 529 Plans

529 plan savings are tax-deferred, which means your savings might grow faster than comparable taxable accounts. And when you take money out from your 529 plan to pay qualified education expenses, those withdrawals are federal income tax-free.

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How to save on college? (without a scholarship)

Dual enrollment courses let high schoolers, typically 11th and 12th graders, simultaneously earn high school and college credit.

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What high schoolers need to know about student loans

Defaulting on student loans can have serious consequences. The government can keep any tax refund owed to the borrower and require the borrower’s employer to withhold money from his or her paycheck and send it to the government to repay the loans.

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College shopping: Big fish or big pond?

Sometimes it comes down to deciding whether it makes more sense to be an above-average student at a school with a lesser ranking or reputation, or a below-average student at a school with a greater ranking or reputation.

 


Paying for College

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Families paying for college: A mutual approach

For most families, paying for college is a major commitment that involves piecing together a combination of savings tools, including 529 plans, taxable investments, financial aid and, in some cases, even permanent life insurance.

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Calculator

How do I protect their future education?

Calculate

Blog

6 ways to cut college costs in half

The average cost of a college education is $34,740 at a private college, according to the College Board’s latest survey for the 2017-2018 school year and 10 years from now, it’s likely to be higher.

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Getting the most out of your 529 plan

Why is a 529 college savings plan important? Consider that the average cost of a college education is $34,740 at a private college, according to the College Board’s latest survey for the 2017-2018 school year. That’s 26 percent higher than it was decade ago ($27,520), not including room and board. And 10 years from now, it’s likely to be higher still.

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Paying for college with Direct student loans

If you’re planning to pursue a college degree, chances are you’ll need to apply for student loans to cover the cost of tuition, fees, and room and board.

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LGBTQ scholarships on the rise

College students who identify as LGBTQ, and their allies on campus, have a big opportunity to score free money towards their tuition costs.

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On the hunt for the most generous colleges

If scholarships and financial aid are an important part of your payment plan for college, as it is for most families, you may do well to consider a few schools with deep pockets.

 


Managing Student Debt

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Refinancing student loans: What’s lost, what’s gained

Refinancing your student loans can lower your monthly payment; reduce the total interest you pay over time, help you get out of debt faster, or some combination of these depending on the provider and the terms.

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DEBT MANAGEMENT

Consider refinancing your student loans

You can refinance all your loans into a single manageable monthly payment with a preferred interest rate.

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Video

Basics of student loan debt

Learn about federal and private student loans. Understand your repayment options and determine if you may be eligible for any loan forgiveness.

Watch

Calculator

Loan repayment

Calculate

Blog

When student loan and 401(k) compete

Millennials who are saddled with student loans may be motivated to pay their tuition balance off quickly, but they are doing their financial future no favors if it comes at the expense of their retirement savings.

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Seeking relief from when student loans are unaffordable

Roughly 11.3 percent of borrowers defaulted on their student loans in 2016, according to the Department of Education. By working closely with your lender, however, you may well be able to avoid a similar fate1.

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What happens to student loans when you die?

If you die before you’ve repaid your student loans in full, could college loans become a problem for your spouse, your parents or your children? 

 


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