College Savings Month

Make the Most of College Savings Month with Five Star 

September is College Savings Month, which makes it a great time to think about one of the biggest investments for your future or your child’s: higher education. Whether college is right around the corner or still years away, building a financial plan ahead of time can make all the difference.  

Average College Expenses 

According to Business Insider and CollegeBoard data, the average annual tuition for the 2024–2025 school year at a four-year public college is $11,610 for in-state students and $30,780 for out-of-state students. On average, room and board add another $13,310 each year. Add in textbooks, lab fees, transportation, and meal plans, and the cost of higher education can become significant.  

Traditional Ways to Pay for College 

Students and families often rely on a combination of tools to help pay for college. Federal student loans, scholarships, grants, and financial aid packages are the most common resources. Scholarships and grants are particularly valuable because they don’t require repayment and can be earned based off academics, extracurriculars, and other external factors. Financial aid can also help bridge the gap, but it doesn’t always cover the full cost of attendance, which is why creating a savings plan is so important. 

Saving with Five Star Credit Union 

Five Star Credit Union offers many savings solutions designed to help families prepare for educational expenses, such as: 

  • High-Yield Savings Accounts – Grow your money faster with competitive interest rates while still maintaining flexibility. A high-yield savings account allows you to build funds steadily over time, ensuring you’ll be ready when tuition bills arrive. 

  • Share Certificates – If you would rather set aside money and earn a fixed, higher return, a share certificate can be a great option. Locking in funds for a set period allows you to earn more while keeping your savings safe. 

Both options provide reliable, low-risk ways to grow your college fund while still keeping your money accessible when you need it. 

Personal Loan Options for Education Expenses 

Even the best savings plan may not cover every expense, which is why Five Star Credit Union also offers personal loans to help bridge the gap. Whether you need extra funds for textbooks, moving expenses, or help covering an unexpected tuition balance, a personal loan from Five Star can provide a flexible way to stay on track without sacrificing your educational goals.  

Planning Ahead with Five Star 

Starting early with a dedicated college savings strategy can make a world of difference. By building a cushion now, you’ll alleviate financial stress later—whether you or your child chooses a community college, technical school, or four-year university. This College Savings Month, take the time to explore your options and create a financial plan that fits your family’s needs. The Five Star Credit Union team is here to help you meet your goals and brighten your financial future!