The average cost for yearly attendance at a public 4-year college is $9,410. This is a high price tag for American households that are living on a budget. Thankfully, grownups are not the only individuals that can contribute to saving for college. Students could save for college in a few ways. These ways come in the form of various accounts. Utilizing such accounts could lighten the load that college costs can place on any family:

1. Savings deposit accounts
Students can utilize this type of account to easily by visiting a local back. A savings account can act as a storage space for college funding. A savings deposit account has an APY (annual percentage yield) that can help the student to earn interest on the money that he or she saves for college or while they are in college. Students do not have to worry about losing their money because each account is insured up to $250,000.

2. High interest savings accounts
A high interest savings account has a higher APY than a regular savings. These types of accounts can help a student grow their savings at a bigger rate. For example, if a student saves $250 dollars a month in a 2.0% APY then at the end of five years he or she would have accumulated $15,788.11 with $788.11 of that amount being interest. Such accounts are a great way for students to help pay for college or for high school students to prepare for it.

3. Student saving accounts
A student savings account is designed with the student in mind. Many banks offer these accounts with a host of perks. One of these perks is access to a student finance advisor. A student finance advisor can help assist members with financially planning. In addition to giving access to a finance advisor, some banks provide students with interest-free overdrafts and no fees along as the balance stays at above a certain amount.

4. College savings accounts
College savings accounts have one objective and that is to help prepare a student or family for the financial costs that are associated with attending a college. One example of a college savings account is a 529 plan. A 529 plan is available in almost every state and anyone, including students, can open an account. Once opened, a student can allow friends or family members to make contributions to their college funding. These contributions are not tax deductible, but they do allow for funds to be withdrawn tax-free when paying for college.