Saving for College
529 Plan, IRA, Tax Implications, Savings Bonds, Scholarships, Pell Grants, Student Loans, Work Study
Curated By
Nayely Gonzalez
Nayely Gonzalez is a doctoral student at Indiana University Bloomington studying Counseling Psychology. Nayely graduated with her Bachelor's degree from Ripon College in 2016, double majoring in Psychology and English. Her research interests include human sexuality, Latinx mental health, sexual assault prevention strategies among college students, and clinical practice with LGBTQ populations.
In This Guide:
Saving for college is an immense financial priority. Below, you will find information on what individuals might be thinking about when it comes to saving for college, as well as ways in which to encourage them to save up for their goals and aspirations.
They Might Be Thinking:
- This isn’t going to be easy. Tuition is so expensive.
- Maybe I should just take out student loans.
- I don’t want to burden my parents financially.
- I want to take the initiative over my future.
- [Spends $10] Why did I do that?!
- I need to get more hours at work.
- This is too much for me. What if I can't afford to stay in school?
- I feel pressured to spend money when I’m with my friends. I wish it were easier for me to say no.
- People will just assume I’m being cheap.
- Do I really want this pair of shoes more than I want to go to school?
- I hope I don’t have to give up on having fun.
- I don’t want to disappoint my family or myself. I can do this.
- I don’t want to be in debt for the rest of my life.
Words That Might Be Encouraging:
- I can tell you are very dedicated to your education.
- I am so proud of you for working hard to save up for college. It shows you are committed to your future.
- I think that’s great! What made you decide to save up for your college education?
- Let me know if you need any help creating a budget.
- Wow, hearing your story has inspired me to save for my long-term goals.
- You can do it! I believe in you! Let’s eat at home tonight.
- I admire you and your ambitions.
- I’m here to support you. What do you need from me? How can I help you reach your goal?
- Your education is really important and I am so glad I have a friend/child/partner, etc., who is as determined as you.
- I completely understand and admire your plans for the future. Let’s stay in and watch a movie instead. I just want to spend time with you.
Words That Might Be Discouraging:
- Back in my day, all you needed to do was get a summer job to pay for college.
- Just take out student loans. That’s what everyone else is doing.
- You’re going to need to save up a lot of money. Like A LOT of money.
- Ask your parents to help you out.
- Go to a trade school. It’s so much cheaper.
- Good luck [laughs]!
- It’s just $10. Chill out!
- But Taylor Swift is performing next month and I thought we could go.
- Can I borrow money from you? I’ll pay you right back.
- You’re working too much! I feel like I never see you anymore.
- You don’t need college. You should do something useful with that money you’re saving.
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