Why Planning Ahead Matters
Higher education is an investment in your future, but the cost and planning can feel overwhelming. Planning early can help you make responsible financial decisions, reduce debt, and focus on your studies instead of the stress.
Ways to Pay for College
1. Family and Personal Savings
- 529 College Savings Plans: Tax-advantaged savings plans designed for education expenses.
- Nevada Prepaid Tuition Program: Pay for future tuition at today's price.
- Coverdell ESA or Custodial Accounts: Other savings vehicles for education.
- Even small, consistent savings can add up by the time college starts.
- You can begin saving and planning for the child's future as early as newborn.
Tip: Visit
Nvigate.gov to learn about Nevada sponsored college savings programs
2. Grants and Scholarships (Free Money)
- Grants are typically based on financial need (e.g., Pell Grant, state grants).
- Scholarships may be awarded for academics, athletics, community service, or unique talents.
- Neither needs to be repaid, unless otherwise specified in their policies.
Tip: Apply to as many scholarships as possible—local organizations often have less competition.
3. Work-Study and Employment
- Federal Work-Study provides part-time jobs on or near campus.
- Flexible hours so you can balance school and work.
- Students can also find off-campus or online jobs to help cover living expenses.
4. Student Loans
- Federal Loans: Lower interest rates, flexible repayment, options like income-driven repayment.
- Private Loans: From banks or lenders, usually require a co-signer and may have higher interest rates.
- Borrow only what you need—remember, loans must be repaid with interest.
5. Other Support
- Employer Tuition Assistance: Some companies help pay for classes or degrees or have scholarship programs for dependents.
- Military Benefits: GI Bill and other programs can cover tuition and housing.
- Community and Nonprofit Programs: Some local organizations help with tuition costs or offer scholarships.
Tips for Students
- Budget monthly for tuition, books, food, and personal expenses.
- Use free resources, such as, libraries, student discounts, and campus events.
- Consider community college for the first year or two to save money. Check with both institutions (community college and university you wish to graduate from) that all credits taken are transferrable for your program of study.
- Apply early and often for scholarships.
- Apply for all scholarships, no matter how small the award is. They add up!
- Only borrow what you need, if you plan to take out student loans.