If you still have time on your side, consider opening a 529 plan for your child. A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. It is named after Section 529 of the Internal Revenue Code which created these types of savings plans in 1996.
Get started saving as early as possible and remember to exhaust all grants scholarships and federal student loans before turning to private loans.
Another great money-saving solution is to have your child consideration starting at a community college and then transferring to a four-year program. Community colleges often cost much less than the four-year college.
Free College Planning Tool
BECU collaborates with Collegiate Funding Solutions to provide a free college planning and funding tool. Invest a few minutes and get a free college planning and funding report at www.becu.org/collegeplan.