Saving for College at the Last Minute
Expert Contributor
College can cost as much as a house - and saving to pay for this investment may seem daunting, especially if you have to do it quickly. But it's not impossible. You still have many ways to save for college in a hurry - and to continue saving money to pay your bills while you're studying, from snagging a great college investment savings plan to getting fantastic deals while you're in college. Here are a few ways to do it.
Create a New Roth IRA
Use your own income to start a student-funded Roth IRA. You can contribute to it (parents can as well), and contributions are limited to $5,500 or the amount you earned this year - whichever is less. No taxes are due if your earnings are less than the standard deduction of $6,300 (though this number may change). The money from your Roth IRA can be used to pay for your education, for books, for boarding or for anything else you need for college. There aren't restrictions on it, and it doesn't count as an asset - so the amount you save in your Roth IRA doesn't count against your financial aid eligibility.
- $5,500: Max Annual Contribution
- $6,300: Standard Deduction
- You don't pay taxes if your earnings are less than the standard deduction.
Apply for Scholarships
The average four-year private university costs $47,000 including tuition, room and board, according to the is a free program that rewards prospective students and parents for shopping. They deposit a portion of what you spend into a designated college account. You can also send invitations to friends who can register their credit cards with this service, so you can receive deposits whenever they shop as well. Bonus: Grab an Upromise Mastercard, and the cashback you earn will go directly into your Upromise account. Connect this account with your 529 (if you have one), and you'll receive a bonus.
Don't Plan on Spending a Dime on Your Textbooks
Textbook costs can add up quickly, with the average full-time undergrad at a four-year school spending $1,240 on books annually, according to a recent study by the is totally free for the first 30 days, and then it's $6/month, and it offers more than 1,000 eTextbooks on every subject, from math to sociology. Need more books? Rent a digital version of the book you need for a relatively low fee. Amazon has a textbook store, as does Chegg.com and Google Play. These are slightly more expensive than BookBoon: For example, one , ,