How to Save for your Child's College

Every parent worries about how they are going to pay for their child’s college. More often than not you’re just trying to sustain your family with their basic needs. However, college is one of the ways that your child will be able to gather the necessary skills to develop themselves for their future. The average amount of student loan debt that a college student racks up is a whopping $37,172. This is why it is so important to start saving early.

Students should also consider saving on their own by:

1. Applying for scholarships

• This is free money for college that you don’t have to worry about paying back.

2. Take Advanced placement classes

• This gives your child the opportunity to earn college credit while they are in high school.

3. Get a job

• This may sound obvious, but even taking on a part-time gig during the summer or school year will help your child save money for college and gain work experience to put on their resume.

4. Open a savings account

• Some banks will offer saving accounts for students.

 

Take advantage of the many ways The Citizens Bank Company can help your child save for their education:

1. Young Citizens Savings Account

• This savings account was created specifically to help minors start saving when they are young and watch their savings grow as they do!

2. Statement Savings

• With a minimum opening deposit of just $50.00 our statement savings option is the perfect way to help you grow your money with our attractive interest rates!

3. Student Checking

• Available for students between the ages of 16 and 23 years old our student checking is a great option for your older children that are closer to the age of going off to college. There is no monthly service charge and it is just $25 to open an account. Debit card limits are $1,000 for purchases and $300.00 for ATM cash withdraws which will give you peace of mind knowing your child’s spending will be monitored. Internet banking is required for this account including great benefits such as our mobile app which is available on the App Store and Google Play!

 

Information provided by daveramsey.com and nitrocollege.com