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5 Ways to Save for College

Updated: July 18, 2025

Looking for ways to save for college tuition? Whether you’re preparing to start college yourself or planning ahead for your child’s education, the rising cost of tuition can feel overwhelming. Relying too heavily on student loans can lead to long-term debt and may impact your credit. The good news? There are smart strategies to help you save more now—so you can borrow less later.

Scholarship money

1.) Apply for Scholarships

Scholarships can take time to apply for, especially when essays are involved, but they can help you save a ton! They’re essentially free money that doesn’t need to be repaid, helping you lower the overall cost of college. The more you apply for, the more you increase your chances of building a solid college fund. To help you get started, here are some tools for finding scholarships and grants:

2.) Open a Savings Account

Opening a savings account is an easy way to earn additional money. If you’re under the age of 18 and open a Minor Savings account with Launch, you’ll earn dividends on your funds, regardless of your account balance. Setting aside money in a savings account is also an easy way to avoid the temptation to spend it.

college savings fund
high school students

3.) Take AP Classes or Dual Enroll

Advanced placement classes in high school can help you earn college credits toward your future degree. Make sure to check and see what the general education requirements are for the colleges you’re looking at and if they accept the AP class credits you’re taking. You may be eligible for dual enrollment, where you can take college classes while still in high school. Dual enrollment is free, and students who take advantage can graduate high school with their AA Degree.

4.) Fill Out FAFSA

The Free Application for Federal Student Aid is one of the most important steps you can take to pay for college. Filling out this application allows you to see what funds you can receive from grants, federal student loans, and work-study funds. You will get a clearer image of what funds you need to pay for college.

federal student aid application
group of college students

5. State Prepaid College Plans

If you’re a Florida resident, check out the Florida Prepaid College Foundation. They offer a variety of scholarships and plans, including the Stanley G. Tate Florida Prepaid College Plan, which awards scholarships to low-income students.

We hope these five ways to save money for college are helpful in reducing your out-of-pocket costs for college. According to Student Loan Professor, students average $29,000 in college tuition debt after graduating with a bachelors degree; and a higher amount for advanced degrees. A college education is a great investment, but high tuition costs can accumulate quickly into long-term student loan debt. Be proactive by saving money now. Launch Credit Union offers a number of savings accounts to help get you started.

Check out our video library on YouTube for more money saving tips!

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