Graduation is upon us for high school students across the country, and college or post high school education is the next step for many graduates. No doubt a college education can be costly, but according to the U.S. Census Bureau data, someone with a college degree can earn, on average, 60 percent more than a person with only a high school diploma. Southeastern Bank encourages families to start saving for college, as part of the household budge, many years before college funds are needed with these tips:
- Start saving for college as early as possible. Ideally, start soon after your child is born.
- Estimate how much you need to save to meet college expenses. Several online calculators can help, including this one from the U.S. Department of Education: www.studentaid.ed.gov – click on “College Savings Calculator”
- Research your savings options. Some options carry substantial tax benefits or other incentives. Always consider the potential risks, costs and limitations before investing any money:
- Section 529 College Savings Plan
- U.S. Savings Bonds
- Special savings programs offered in your area
Southeastern Bank can help you navigate this important financial plan and decide what works for your family. Even if you can’t set aside the entire amount, what you can save will make a difference. We offer savings accounts and other investment options to give your family a head start on planning your future. Visit any of our 13 convenient locations or give us a call to get started today.
About Us: Southeastern Bank, established in 1888, has a long history of serving its customers and communities. From checking accounts and loans to investments and more, Southeastern Bank has the financial products you need most. Southeastern Bank has 10 locations throughout coastal Georgia and northeast Florida that include Brunswick, Callahan, Darien, Eulonia, Folkston, Hilliard, Kingsland, Nahunta, Richmond Hill and St. Simons Island.