September is designated as National College Savings Month, serving as a timely reminder to save and invest in a student's future postsecondary education. Paying for college may seem intimidating in the current economy, but there are strategies that help ensure families are ready when freshman year starts.
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Start Early
Start saving early for your student’s college education by contributing to an account monthly and adding more as finances allow. The earlier you start saving, the more time your money has to grow. Even if paying for college seems discouraging, take action now.
- 529 Plans
A 529 college savings plan offers a simple way to save money for a college education and can maximize saving efforts. Each state is different; however, one of the key elements of a 529 plan is that you pay no taxes on the account’s earnings. Benefits of a 529 plan include an Oklahoma tax deduction, a choice of investment options, and the ability to use the funds at thousands of higher education institutions in the U.S. and abroad. For more information about Oklahoma’s 529 College Savings Plan, call 877.OK4SAVING toll free (877.654.7284) or visit Oklahoma529.org.
- Plan for Expenses
It’s essential to know all the costs associated with college attendance. Expenses vary depending on the type of school attended, the number of courses taken, the student's major, and lifestyle.
OKcollegestart.org helps students and their families plan for higher education in Oklahoma. To determine if families are saving enough money for college, explore this chart highlighting the estimated cost of college in Oklahoma for the 2024-25 academic year, or use this living expense calculator from the My FICO Calculator.
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- Minimize Costs
It’s essential to know all the costs associated with a college education. The cost of attendance can fluctuate based on the type of educational institution, the number of courses taken, the student's major, and overall lifestyle.
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Concurrent enrollment allows eligible high school juniors and seniors to take credit-earning college courses at a discounted rate, and classes can be transferred to some postsecondary institutions.
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Advanced Placement (AP) courses are college-level classes that students can take while they’re still completing a high school degree. Students earn college credit by completing the class and passing any corresponding exams.
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College-Level Examination Program (CLEP). The CLEP program consists of 33 tests in various subjects and offers the opportunity for students to earn college credit based on their prior knowledge in a particular field. Visit the CLEP college search to see which colleges accept CLEP.
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- Cheaper solutions. Attending a community college, or living at home for the first few years of school, are great ways to slash college costs while still receiving a quality education and the campus experience.
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By integrating these strategies, educators can help students build a strong foundation in personal finance, empowering them to make informed financial decisions in the future.
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Applying for grants and scholarships is a great way to pay for your education. One of the most popular scholarships in our state is Oklahoma's Promise. Students must enroll in this program during the 8th, 9th, 10th, or 11th grade and meet other enrollment criteria. To learn more, visit OKPromise.org.
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It's critical to complete the Free Application for Federal Student Aid (FAFSA) to receive federal, state, and some institutional assistance. Submit the FAFSA as soon as it becomes available.
The new 2025-26 FAFSA will be released on December 1, 2024. If you’re a senior at an Oklahoma public high school, FAFSA completion is now a graduation requirement. Visit with your high school counselor to learn more about this beneficial form. Visit the official FAFSA website, StudentAid.gov, to learn more.
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Federal student loans can bridge the gap when paying for school after maximizing grants, scholarships, federal work-study opportunities, and family savings. Visit ReadySetRepay.org to learn more.
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Check out the September edition of Financial Friday, Oklahoma Money Matters' online personal finance question and answer forum; this month, we answer a question about open enrollment for health insurance.
As always, if you have money-saving tips you'd like to share, send us an email at OklahomaMoneyMatters@ocap.org or submit a personal finance question for a future edition of Financial Friday.
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Mark your calendars for upcoming OKMM "Make It Count" webinars on the third Tuesday of every month. Join us on Tuesday, Oct. 15, at noon as we discuss things to consider when purchasing a vehicle.
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We offer webinars for educators, students and parents on budgeting, saving, credit, and more. If you want to schedule a webinar, complete our workshop form, and we'll contact you to plan the details.
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