Saving for College Education
September is college savings month! Discovering the best way to save for your child’s college education can be overwhelming. Different savings plans work best for different families, so it is important to learn about different options and choose which is best for you! NEBAT offers flexible college savings options to help you plan, whether your child is headed to college next year or in 18 years!
When to Start Saving for College
Saving for college education is something to start considering early on and can start the day your child is born. The cost of college has grown significantly over time; between 2008-09 and 2018-19, prices for undergraduate studies increased 28% at public institutions (including tuition, fees, and room & board). Similarly, private non-profit institutions increased 19%, and private for-profit institutions increased 6%. Thankfully, there are many college savings solutions available to allow you to adjust over time as needed.
College scholarships are a great way to alleviate costs for college and for the student to contribute to the cost of their education. NEBAT offers the Step-Up Scholarship which is open to any high school senior or college undergraduate student through age 25 that has a Dollars for $cholars or Steps account. A scholarship is awarded to one high-school graduating senior and one student continuing their college education. Applications typically open around January each year and are available on the Step-Up page of our website.
Dollars for $cholars Program
NEBAT’s program is one of the most popular college savings options. The program offers your family the option to set aside money from birth to age 25 to save for a college education. Its flexibility allows you to renew the 3-year CD, invest in another account at the end of 3 years, or use funds immediately for educational purposes. Plus, withdraw up to 4 times per year for school expenses. This could include funds for tuition, books, technology, or additional school expenses.