If you're faced with college costs, either soon or down the road, there are several ways to help you save. Here's a rundown of your options:

529 college savings programs

529 college savings programs offer you a tax-free way to save for future college costs. In general, college savings programs don't have any eligibility income limitations.

There are two main types of 529 programs and each state's program has its own terms and features. Prepaid tuition plans allow you to pay tuition in advance and lock in the cost based on today's tuition prices. These plans pool investments and aim to keep pace with tuition increases in that state.

College savings plans allow you to save money in a special college savings account for tuition and fees, books and supplies, and certain room and board expenses. These plans provide variable rates of return based on the investments you choose from the available options. You can use savings in these types of plans at any eligible public or private college or university nationwide.

Savings Bonds

While Hampton Roads Educators’ Credit Union does not currently offer savings bonds for purchase, the Double E Savings Bonds allow you to purchase the bond and cash it in once it has matured without penalty or fee.  To keep your savings bonds as secure as possible contact the credit union regarding our safe deposit boxes and fees.

Scholarships

While every school offers its own scholarship opportunities and there are numerous scholarships available when searching the web, Hampton Roads Educators’ Credit union also offers scholarships to reward those who have academically accelled, who plan to go into the Virginia public education system as well as those students who would prefer to pursue other careers or attain a certification or licensure from a trade school or two-year college as opposed to a four year school.  Please contact the credit union to find out which scholarship you qualify for or to be directed to the scholarship applications, click here!