The Cost of College & Saving Strategies: March Madness® Edition
Slam Dunk Your College Savings
The basketball tournament isn’t just about buzzer-beaters and bracket upsets, it’s a perfect reminder that preparation, strategy, and smart plays can lead to victory. And when it comes to funding your child’s college education, the same principles apply.
Know the Playing Field of College Costs
Just like coaches and players study their opponents’ stats, it’s important to understand how much college costs. The average price for a four-year college can vary widely depending on whether it’s public or private, in-state or out-of-state. By knowing the numbers, you can start mapping out a strategy that makes higher education a reality for your child—without the stress of last-minute scrambles.
Download the men’s and women’s brackets — and see the average cost to attend each tournament school.
Build Your Winning Team
In basketball, no player wins alone. Likewise, college savings is a team effort. Consider the tools and “players” in your savings game:
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Future Scholar 529 College Savings Plan
The star player on the court is the Future Scholar’s 529 Savings Plan. Here are some reasons why:
- Fast Break Growth – Your contributions grow tax-free, letting your savings move down the court toward college faster.
- Assist from Uncle Sam – 100% of contributions are deductible on the South Carolina state income tax return giving your team an extra boost.
- Defense Against Debt – By saving early, you reduce the reliance on student loans, keeping finances in check.
- Clutch Flexibility – Funds can be used at eligible colleges in-state, out-of-state and internationally, giving your child options when it’s game time.
- No Turnovers – Withdrawals for qualified expenses are penalty-free, keeping your strategy smooth and uninterrupted.
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Scholarships and Grants
Think of scholarships and grants as the star recruits on your college savings team – they can help your child score big without racking up debt.
- Get a Jump on the Fast Break - Starting in elementary or middle school gives you time to target contests, academic awards, and local programs before the competition gets fierce.
- Build Momentum Over Time - Small awards earned can go straight into a Future Scholar 529 plan, compounding over years. Even $100–$500 from a young student contest becomes a slam dunk when added early.
- Create a Winning Strategy - Researching scholarships early lets you map out eligibility, deadlines, and award amounts. It’s like filling out your bracket before the tournament. A clear plan to find ways to reduce college costs gives you an edge over last-minute scrambling.
· Family and Friends
Every contribution from family or friend is like a perfect assist – helping you score more points toward your child’s future. With Future Scholar’s eGift platform, you can quickly invite others to get in the college savings game to help your child attend their dream college.
As College Costs Change, Stay Flexible and Adapt
The basketball tournament is full of surprises, and college costs can change over time. Keep your savings plan flexible. Revisit your strategy each year, adjust contributions, and take advantage of opportunities—like employer matches and local scholarship competitions.
Save Early for College and Celebrate Every Basket
Every dollar you save is a point on the board toward your ultimate goal: your child’s education. Celebrate progress along the way, knowing that your preparation, teamwork, and smart plays are setting them up for a winning future.
Final Tip for a College Savings Plan That Leads to Victory:
Treat college savings like a tournament—plan, play strategically, and keep your eye on the prize. With the right approach, you can turn the challenge of funding higher education into a slam dunk.
