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 announced the disbursement of a total of N86.3 billion loan to 449,039 students since the scheme was launched on its portal on May 24, 2024.
According to the latest daily status report released on Monday, August 11, 2025, the scheme disbursed the loan as of August 6, 2025.
The fund noted that “the scheme delivers on President Bola Tinubu’s Renewed Hope Agenda of empowering every Nigerian student through access to higher education funding.”
It said the disbursement included N47,629,338,384 paid directly to 218 institutions as tuition fees and N38,718,120,000 given to students as upkeep allowances.
The report further revealed that 731,140 students have registered on the loan portal, out of which 720,732 have successfully applied for loans — representing a 98 per cent application success rate.
Data from the dashboard shows a daily increase of 933 in the number of successful registrants and an additional 1,094 successful applicants.
The update was necessitated by concerns over alleged misconduct threatening the integrity and transparency of the student loan scheme established under the Student Loans (Access to Higher Education) Act, 2024.
There have also been cases of students who have graduated still receiving loans, as well as loan payments to institutions even after students have paid their fees as well as collusion between some tertiary institutions and financial institutions to delay, divert, or conceal student loan disbursements.
By Modupe Gbadeyanka
The first 30 beneficiaries of the N2 billion Beyond Education Scholarship of Sterling Bank Limited have been revealed, with nominations for the next round of candidates paused until September 2025.
However, voting remains open and verified nominees have been encouraged to continue engaging their communities as the next cohort will be selected in the coming weeks.
The N2 billion education fund is designed to pay for university education of 600 exceptional young Nigerians and connect them to future careers in high-impact sectors.
The initiative, launched in June 2025, is built not just to provide scholarships, but to create real-world pathways to employment and socio-economic mobility.
Unlike conventional scholarship programs, Beyond Education is intentionally designed to support Nigeria’s critical development agenda.
It aligns with Sterling’s HEART strategy, an investment framework focused on Health, Education, Agriculture, Renewable Energy, and Transportation, and the goal is to build a talent pipeline for sectors that are vital to the country’s future.
The first 30 scholars were selected through a transparent, community-driven voting process open to Sterling Bank account holders. All nominees were thoroughly vetted to ensure they met admission requirements at the partner universities.
While the scholarship covers full tuition, recipients are responsible for associated costs such as internet access, learning materials, and living expenses, a structure designed for sustainability and scale.
The programme fully covers undergraduate tuition at two forward-looking, accredited institutions, Miva Open University, Nigeria’s first licensed online private university, and Hillside University of Science and Technology (HUST), a STEM-centered campus in Ekiti State.
The recipients are Abdulahi Afolabi, Damilare Tijani, Abdulwahab Eniafe, Abubakar Isah, Tahir Enesi Ibrahim, Julius Agbene Agbo, Chinedu Kelechi Patrick, Ayomide Ojo, Fyneseed Nwogu, Miracle Woyinmomoemi Daniel, Serene Clinton, Temiloluwa Orekunrin, Udeme Umoh, Victor Esogwa, Rosemary Kosipre, Ali Mohammed, Usman Isiaka Ololade, Kayode Aikulola, Saviour Philip, Ademola Afolabi, Emmanuel Enekwa, Bashir Sani Ibrahim, Ezekiel Adeseye, Deborah Umeaku, Abba Kaka Lawan, Haisam Sunusi Mahmuda, John Gumuan, Afan Ajiji, Bajepade Kehinde, and Chioma Igwe.
Commenting on the announcement of the first 30 scholars chosen for the initiative, the Growth Executive for Consumer and Business Banking at Sterling Bank, Obinna Ukachukwu, said, “This is more than a scholarship; it’s a national development strategy.
“We’re closing the gap between education and employability. Our mission is to prepare young people for the future of work in sectors that matter most to Nigeria’s progress.”
With 570 scholarships still to be awarded, Sterling Bank says it remains committed to expanding access to quality education and helping shape a future-ready workforce for Nigeria.
By Adedapo Adesanya
West African Examinations Council (WAEC) has temporarily withdrawn the 2025 WASSCE results following multiple reports of technical glitches reported during the conduct of the exam.
On Monday, the examination body released the 2025 results, which showed that only 38.32 per cent of the 1,969,313 candidates who sat the 2025 WASSCE obtained credits and above in five subjects, including English Language and Mathematics, the worst performance recorded in a decade.
This development has sparked outrage, raising similarities with the glitch issue which affected candidates during the Unified Tertiary Matriculation Examination (UTM) organised by the Joint Administration Matriculation Board (JAMB).
In a notice issued by the Acting Head of Public Affairs for WAEC in Nigeria, Mrs Moyosola Adesina, on Thursday, it was revealed that an internal review showed that there were some issues.
The body said these issues arose from a newly introduced paper serialization process aimed at curbing exam malpractice in subjects such as Mathematics, English Language, Biology, and Economics.
“[WAEC] sincerely regrets to inform the general public of technical issues discovered during the internal review of the recently released results of the West African Senior School Certificate Examination (WASSCE) for School Candidates, (SC) 2025.
“As part of our efforts to curb examination malpractice, the Council embarked on an innovation (paper serialization) already deployed by a national examination body. It is also worth noting that this is in line with best practices in assessment. The paper serialization was carried out in Mathematics, English Language, Biology and Economics. However, an internal post result release procedure revealed some technical bugs in the results,” the statement said.
As a result of the glitches, access to the results has been temporarily suspended on the result checker portal while corrections are made.
WAEC apologized to all affected candidates and the general public, urging patience and understanding.
Candidates are advised to re-check their results after 24 hours, as the council works to resolve the problem with urgency and transparency.
“We extend our deep and sincere apologies to all affected candidates and the general public. We appreciate their patience and understanding as we work diligently to resolve this matter with transparency and urgency within the next twenty-four (24) hours. On this note, candidates who have previously checked their results are advised to re-check after 24 hours from now.
“WAEC remains committed to upholding excellence, fairness and transparency in all our assessment processes,” the statement added.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology5 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN