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College Savings

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College SavingsA college education is one of the best investments you can make in yourself or your children. However, college tuition is increasing at an alarming rate. Below are a few resources that you may find helpful as you save for future college expenses. For additional information, see our Saving for Education articles in the Personal Finance section of the site.

1.  Upromise

If you want some extra cash for college, then sign up for the Upromise program. Upromise is a free program that rewards you for everyday online purchases that you are already making. Those are rewards in addition to your credit card rewards!

Basically Upromise has partnered with thousands of online stores, restaurants, and other organizations. Upromise gets a commission every time you make a purchase from a partner, and they share part of that money with you to be used for education expenses. It is free and easy to sign up. Once you are signed up, Upromise tracks your spending and calculates your rewards.

2.  SimpleTuition

Simple Tuition is a site where you can easily research and compare private student loans to find the best loan possible for you. You simply enter the amount you want to borrow and some basic information about yourself and then the site displays a customized list of options for you.
Private student loans are generally issued by banks and other private entities and are used to pay for tuition, room & board, and other types of expenses.

For most students, it makes sense to maximize government student loan options before taking out private student loans.  However, students (and/or cosigners) with excellent credit are sometimes offered fairly attractive private student loans that should be carefully compared to government loan options before a final decision is made.

Make sure you carefully consider the interest rate, fees, and terms of any loan you are considering through SimpleTuition or elsewhere.

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