Holter’s Tips for Saving for College

Holter%27s+Tips+for+Saving+for+College

• Lily Gulley, Staff writer

While many students dream of going to college, the reality is that 30.3% of high school graduates don’t go according to data provided by The Bureau of Labor Statistics. If you’re in the 30 percent, that’s alright. But if you plan to go on to college, the best advice is to save up your money. One person who knows about finance is Jason Holter. 

 

Q: How do you feel about saving for college- what are the best ways to do it?

A: I don’t know how to exactly answer that. There’s saving up for college and saving up to live at college…

 

He explains that the key to saving up, overall, is to start saving at birth. Any later than that, and college may end up being more expensive than you can afford.  If you’re lucky, however, you may be able to enter with a loan and pay off as you go.

 

Q.: Did you have a college fund started? 

A: I…sort of did.

 

Holter explained that his divorced parents both put money into it, and split the bill. His 4- year college plan was ultimately paid off in full from both sets of parents: Dad, step mom, Mom, and step dad- 4 people putting in money, for him. I turned the subject from him as a kid to his very own kids, next.

 

Q: Mr. Holter, you have kids. Are you saving up for them?

A: Yes, if that’s what they want to do.

 

He told me that if in their future they stop thinking about college, they still get the money to pay off a home. This strategy could be helpful, especially if you’re of the few whose parents are still saving up for you.

 

Q: How do you feel about someone starting a [college] fund for their kids?

A: It’s critical- start as soon as you know you want to have kids.

 

So there you have it. No matter what route you plan on going in your future, college or no college, the importance of saving up for a future holds true. If you aren’t sure whether your parents are saving up for you or not, ask! And if you’re old enough and know you want to have kids someday, it’s never too early to start saving up for them now- the earlier the better, but wait too long and those kids you dream of may have to fend for themselves. 

 

Photo courtesy of: Unsplash