You will need to consider monthly rent, furnishings, utilities and groceries. Sharing an apartment with other students is also an effective way to share expenses. Fuel, insurance, parking permits, traveling back and forth to visit family at home. Many students car pool to reduce travel costs. Here's where you really need to focus on evaluating and prioritizing expenses associated with your lifestyle.
Most states sponsor some type of college savings plan.
Each state sets the maximum amount you can contribute per child. These plans are not subject to state and local taxes and may grow faster than a taxable investment. While there are no favorable federal tax deductions, taxes on the interest will be deferred until your child goes to college. Additionally, the interest earned will be taxed based on the student's lower tax bracket. Prepaid Tuition Plans attract many people due to tax savings.