Education
How to Save Money for College
Everyone knows that college is an important step in the life of any person. It is one of the main goals, the accomplishment of which offers high hopes for a successful future.
However, it is not a big surprise that higher education comes at a considerable cost, with tuition fees getting higher each year.
Forward-looking parents who want to ensure future prosperity for their children usually start saving for college as soon as their babies have managed to make the first step.
Even more prudent parents are sure to have a definite plan of making savings for their offspring’s studies. Even if you haven’t started yet, and your child is about to mail out application letters, it is never too late.
Nevertheless, a good plan is always a beneficial strategy, especially in financial endeavours. Here are some tips on how to save money for college.
Set a Definite Goal
That is the place to start from. To plan something, you need to know what exactly you are planning for. Assess your needs and define what sum is required for them. Answer some questions:
- For how many children are you going to pay?
- How much time is left before they go to college?
- For how many years will they study?
- Are you going to fund all this period or only half?
- What college do you have in mind? Public, private, or community? In- or out-of-state?
- What are the projected expenses for accommodation and transportation?
Of course, some of these questions may have no definite answer so far. Thus, it would be prudent to have several possible scenarios. But in any case, at least approximate calculations can help to see the final picture and define the further plan. Conduct some research based on your goals derived from the answers and make use of online financial calculators to help you with estimates and budgeting.
Define the Way of Saving
When the definite goal is set and you know what sum (at least approximate) you’ll need to cover, you have to decide on the saving and investment vehicle that will help you achieve your objectives. There are a number of options, some of which offer rather attractive tax-saving benefits.
As some of the examples, you may use section 529 plans, Coverdell Education Savings Accounts (ESAs), Individual Development Accounts (IDAs), or taxable mutual fund or brokerage accounts. Each of them comes with its pros and cons, of course. Make some online research to learn more about each available option to decide which one is the most beneficial for you.
Start Saving
Of course, it is more than obvious that the earlier you start saving, the more money you will get at the end. But even if you started a bit late, you still have good chances with an advantageous plan. Just remember to keep discipline in setting aside some amount regularly.
Make it a part of your monthly household budget like utility bills or sign up for automated regular contributions to the savings account if needed. By the way, some savings plans may be open for other parties, so do not hesitate to involve other relatives or friends who want to contribute.
Consider cutting on your daily expenses. Analyze your family budget and think about where you could save more without creating a considerable strain on your everyday lives. Make use of all the possible bonuses, loyalty programs, and wage rises. Every penny matters for your precious child and their prospects in life.
Consider Financial Aid
Undoubtedly any assistance from outside will be useful, so consider all the possible options.
Scholarships and grants take the first position on the list. If your children do not qualify for need-based ones, pin your hopes on merit-based awards. Encourage your kids to strive for higher achievements in studies and extra-curricular activities and help them succeed at every step they take. Explain to them that this is a good helper in planning for their future, but do not get overly demanding though. Psychological traumas will not pave their way into college.
Student loans are another way of financial aid that you as a parent may get for your children’s college education. Start with filling out the Free Application for Federal Student Aid (FAFSA) at the Department of Education, which will consider if and how much federal aid you may qualify for.
If you have no other way out but for borrowing, try all the possible federal loan options in the first place. Banks and credit unions offer private student loans but usually with much higher rates. In any case, you should research and study this issue thoroughly and carefully before signing any deals, assessing the sum you can afford to borrow, and examining all the possible repayment options.
One more viable option to help you save for your children’s college is engaging them in the endeavour and encouraging them to get a part-time job. While still in high school and after having been admitted to a college, your kid can perform a myriad of jobs. They can work in a local library, store, or cafeteria, write Pro-papers for their peers, deliver mail or pizza, or even get employed as a junior assistant in your company.
In addition to helping you bridge the financial gap, such a move will teach them independence and responsibility from a young age. They should understand that investing in their future and relieving their parents from the burden at least partially is very honourable.
Bottom Line
Of course, college for your children demands a lot from the parents. It is not a surprise for anyone that ensuring your kids’ bright future is a costly pursuit. However, a security plan and your firm resolve can help you remove mountains. Plan and start saving as early as possible to get more opportunities for yourself and your children.
By Adedapo Adesanya
The Nigerian Education Loan Fund (NELFUND) has granted another extension for its Student Loan Application Portal to accommodate institutions that requested additional time for the 2025/2026 academic session.
According to the statement signed by NELFUND’s Director of Strategic Communications, Ms Oseyemi Oluwatuyi, on Thursday, the extension applies only to institutions that submitted formal requests, allowing eligible students extra time to complete their applications.
“The Nigerian Education Loan Fund has approved an extension of its Student Loan Application Portal for institutions that have formally requested additional time for the 2025/2026 academic session,” the statement read.
Business Post reports that at the beginning of March, NELFUND announced an extension to the deadline by a week for its student loan application portal following a notable rise in nationwide interest driven by ongoing awareness campaigns.
Speaking on the development, NELFUND Managing Director and Chief Executive Officer, Mr Akintunde Sawyerr, reiterated the Fund’s commitment to ensuring that eligible students at participating institutions can access the student loan programme.
“NELFUND remains committed to ensuring that eligible students across participating institutions have the opportunity to access the student loan programme,” he said.
The Fund urges students in affected institutions to take advantage of the extension and submit their applications through the official portal.
It also emphasised its dedication to transparency, accountability, and providing sustainable financing solutions to remove financial barriers to higher education in Nigeria.
Established to administer the Nigeria Student Loan Scheme, NELFUND was enacted into law by President Bola Tinubu in April 2024.
The initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
Beneficiaries are required to repay the loans after completing their education and securing employment, aiming to increase access to higher education for students from low-income backgrounds.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has inaugurated a Curriculum Review Committee aimed at strengthening taxation education in Nigerian academic institutions and improving the country’s tax administration system.
According to a statement, the committee was inaugurated on February 24, at the NRS Academy in Durumi as part of the agency’s broader efforts to modernise tax education and align academic training with the evolving demands of contemporary tax administration.
Speaking during the inauguration, the Director of the NRS Academy, Mr Adeolu Akinyemi, said the review exercise would involve collaboration with the Chartered Institute of Taxation of Nigeria (CITN) to develop a more structured and relevant curriculum for the academy.
He emphasised that the initiative seeks to ensure that taxation programmes taught in Nigerian institutions reflect current developments in tax policy and practice, while also equipping students with the practical knowledge required in today’s tax administration environment.
The committee has been tasked with examining existing taxation curricula across Nigerian institutions and proposing updates that incorporate modern tax policies, recent legislative changes, and emerging areas such as digital taxation and global tax practices.
Officials say the review is also designed to close the gap between theoretical classroom instruction and the practical realities of tax administration.
By strengthening the link between academic learning and professional practice, the revised curriculum is expected to better prepare graduates for careers in the tax sector.
The effort is further expected to enhance tax awareness among citizens, encourage voluntary tax compliance, and support the development of skilled tax professionals who can contribute to national revenue generation and economic growth.
The committee is chaired by Mrs Aisha Hamman Mahmoud, Special Adviser to the Executive Chairman of the NRS on Research and Statistics. Its membership includes representatives from the service as well as academic experts in taxation and fiscal policy, alongside professionals with experience in tax administration, policy formulation, and tax education.
The committee will work with relevant educational regulatory agencies and professional bodies to ensure that the proposed curriculum aligns with national academic standards while addressing the practical needs of Nigeria’s tax system.
The NRS stated that the initiative forms part of its ongoing commitment to expanding tax knowledge, strengthening professional capacity, and promoting responsible tax practices across the country.
The curriculum review exercise is expected to be completed within 60 days, after which the Service plans to provide further updates on the implementation of the revised programme.
By Modupe Gbadeyanka
The first batch of Nigerian undergraduates to enjoy fully paid scholarships for studying science, technology, engineering and mathematics (STEM) courses across the continent has been chosen by Airtel Africa Foundation.
Business Post gathered that 70 students from universities across Nigeria were selected from thousands of applicants through an independently managed process, which took nearly six months.
It was learned that most of the undergraduates were from the University of Lagos (UNILAG), Obafemi Awolowo University (OAU) Ile-Ife, the University of Benin (UNIBEN), Tai Solarin University of Education (TASUED), the University of Ilorin, Ahmadu Bello University (ABU Zaria), and the University of Nigeria (UNN).
The scholarship covers tuition, laptop computers, living expenses, and essential learning resources, a statement from Airtel Africa Foundation disclosed.
The chairman of the foundation, Mr Segun Ogunsanya, speaking at the presentation of the scholarships to the beneficiaries at the Lagos headquarters of Airtel Nigeria, emphasised the need for initiatives such as the Airtel Africa Foundation’s undergraduate tech scholarship for the future of the continent.
“True legacy is not measured by the awards we win or the volume of SIM cards we sell; it is measured by the lives we save, the people we feed, and the students we support when the line between success and failure is at its thinnest.
“At the Airtel Africa Foundation, we believe that lifting people out of poverty is the ultimate benchmark of a great company. Today, we are writing that legacy by tilting the balance in favour of the brilliant but underserved, ensuring that the fourth industrial revolution, driven by AI and Data Science, is built by African talent for the African continent,” he stated.
Mr Ogunsanya further revealed that this fellowship, executed through Airtel Nigeria, is designed to bridge the gap where funding, skills, and opportunity often fail to meet.
In addition to the N500,000 yearly budget for the fellows’ four-year or five-year courses, each fellow would be integrated into a structured support system for academic guidance and career mentorship, intended to ultimately transition students from the classroom to the global tech workforce.
Addressing the students, the chief executive of Airtel Nigeria, Mr Dinesh Balsingh, stressed that youth development is a strategic imperative for Airtel.
“At Airtel Nigeria, we view youth development as essential nation-building. When young people succeed, innovation accelerates, and social stability improves.
“By connecting these brilliant scholars to knowledge, skills, and confidence, we are fulfilling our core mission to connect people to opportunity. To our recipients: you earned your place here through merit and discipline. You are now ambassadors of excellence, and we expect your leadership to be defined by your conduct as you help shape a more inclusive digital future for Nigeria,” the Airtel Nigeria chief said.
The Nigerian cohort joins a prestigious network of Airtel Africa Foundation fellows currently studying in Tanzania, the Democratic Republic of Congo (DRC), Uganda, and India.
The initiative underscores a broader commitment to technology education, youth development, and Nigeria’s digital economy.
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