
It is an exciting time of the year for those graduating high school. Thoughts college swirl around in their heads while the monetary aspect of college is going through the minds of their parents. It is exciting and scary all at the same time. I remember it well when my son was accepted to a state college a few years ago, and it was quite a project to figure out how we were going to pay for it.
Sallie Mae is here to help!
Sallie Mae is challenging families to “Test Their Financial Aid Package IQ” for April, Financial Literacy Month. This month, financial aid award letters will start arriving to the homes of more than three million students – next year’s college freshman. Two-thirds of undergraduates receive some financial aid each year, with awards to full-time students averaging $12,740. However, if the financial aid package, such as grants, scholarships, work-study and federal loans comes up short, Sallie Mae recommends families explore these tips:
- Talk to the campus financial aid office if family finances have changed. Colleges can adjust their award packages when a family encounters special circumstances, such as if a parent is laid off or takes a salary cut.
- Consider a private education loan that encourages you to pay it off faster and save money on interest. A private education loan may be right for those who still have a gap after exploring federal financial aid or who want to investigate whether they qualify for a lower variable interest rate based on good credit. With Sallie Mae’s Smart Option Student Loan, students attending degree-granting institutions can select from three in-school repayment options: an interest-only monthly plan, a simple $25-per-month plan, or a new no-minimum-monthly-payment-required deferred plan. Sallie Mae works with applicants and higher education institutions to help students avoid borrowing more than they need. To learn more, visit www.SallieMae.com/ChooseSmart.
- Use an interest-free tuition payment plan to fit college expenses into your monthly budget. Available at hundreds of college campuses, Sallie Mae administers tuition payment plans that let families spread tuition payments over a number of months instead of making a large lump-sum payment at the beginning of each semester. Visit www.SallieMae.com/tuitionpay for more information.
- Apply for additional scholarships. While many scholarship deadlines have passed already, some awards have late spring or summer deadlines. Using Sallie Mae’s free online Scholarship Search, students and parents can quickly identify scholarships still available for the upcoming school year, including 25,000 scholarships worth $77 million with deadlines between now and the end of summer. The scholarship search is available at www.SallieMae.com/scholarships.
- Earn extra money for college through Upromise by Sallie Mae. Upromise members can receive cash back when they make eligible purchases from hundreds of participating companies or use their Upromise credit card. Upromise members have earned $600 million in member rewards since 2001. Rewards accumulate in a member’s Upromise account and can be transferred periodically into an eligible 529 college savings plan or used to pay down eligible Sallie Mae-serviced student loans. Beginning April 3 through June 5, Upromise members have the opportunity to earn extra rewards—of 10 percent or more—from one major online retailer each week, including Apple Store, Staples, Barnes & Noble and Sears. Visit www.Upromise.com for more information.
You may remember my post about how to use UPromise – I absolutely love it. If you haven’t checked it out yet, I highly encourage you to do so. UPromise in conjunction with Sallie Mae’s programs can really make a difference when it comes to college finances. There are always some great deals going on at UPromise – like right now through the end of April, you can get 10% back at JC Penny, and 10% in rewards at Staples.com!
As those college acceptance letters start arriving (usually about this time), it is a good time to ask the question, “Are you ready to Test Your Financial Aid Package IQ?”
The kind folks at Sallie Mae are letting me host a giveaway!

One winner received two gifts cards: $10 Overstock.com and $10 Petsmart gift cards!

No purchase necessary. Open to residents of US. ONE ENTRANT PER HOUSEHOLD/IP Address! Giveaway ends May 12th at 9:00 p.m. (PST). I check all entries – cheating will not be tolerated. Winner will be notified via email and needs to reply within 48 hours, or a new winner will be chosen. Please make sure you check your spam folder – I will not be responsible if you did not receive winning email notification. Winners name(s) will also be posted on Winners List immediately after drawing has occurred. Winners will be chosen using the “And the Winner is” plugin. Screenshots of winners available by request. **By entering this giveaway, you confirm that you have read and agree to my giveaway rules. Please allow 6-8 weeks for deliver of prize {though it is usually much sooner}.
Please see Eighty MPH Mom giveaway rules for further information.

288 Responses
Unfortunately, we don’t have the extra funds to save for college. We are doing our darndest to instill good study habits and the value of an education in hopes that our children can earn scholarships. So far, so good.
ljatwood at gmail dot com
Oldest child is in college. Saving for the others with a college savings account
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Right now my husband and I are in college. With 3 kids the best way we can save money is to trade babysitting with someone instead of sending them to daycare.
I don’t have a child but I did go to college
tweet 4-27 http://twitter.com/#!/drellis500/status/63378798661476352
My son chose not to go to college. He would have had to start with junior college as I did. But he didn’t care to go. I only took a few classes after junior college but have my nursing degree and license.
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I went to college for one whole semester– it was way too easy and I was incredibly bored, so that was enough!
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tweet 4-28 http://twitter.com/#!/drellis500/status/63608475825086464
I use a 529 account and Upromise 🙂
I have bought savings bonds for my children
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I save using Upromise–things are so tight right now we’re barely getting by.
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I went to college.
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I don’t have any children but I did go to college.
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I did go to college…a few times! captainliss40(at)gmail(dot)com
No I haven’t started saving yet.
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no,no saving done here
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tweet 4-29 http://twitter.com/#!/drellis500/status/63949780891615232
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Yes, I went to college.
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My kids have savings accounts that I try to put money into. they also have savings bonds that they received as a gift from their grandparents.
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4/29 Daily Tweet http://twitter.com/Just_Coupons/status/64106968339595264
Yes, I did go to a local 4 year college.
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I don’t have a child, however I did attempt college (I’m actually still trying), and when I was able to work, every paycheck I received I would take a portion and put it toward going to school that fall 🙂
It was such a satisfying experience!
Thank you for a great giveaway 🙂
tweet 4-30 http://twitter.com/#!/drellis500/status/64315031470354432
No kids yet..I got through college with a mix of financial aid and scholarships.
4/30 Daily Tweet http://twitter.com/Just_Coupons/status/64463533609455616
We put money regularly into a 529 savings plan. We also contribute any monetary gifts that family send for our daughter into the 529.
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tweet 5-1 http://twitter.com/#!/drellis500/status/64702952111226880
At this time we don’t have any extra money to start saving for our daughters collage
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tweet 5-2 http://twitter.com/#!/drellis500/status/65042247560871936
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At my daughters school they have a banking day at school every other week so I send her with around $5 to add to that and she will hopefully be able to continue on with that through high school (she is currently in kindergarten) also I save all change and its funny because if she finds a penny on the ground she will say this is going to send me to college one day! Lol I didnt have the chance given to me to go to college and I want to insure she has a succesful future and not be stuck at the bottom.
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We started mutual funds when our children were born and we add to them every month.
tweet 5-4 http://twitter.com/#!/drellis500/status/65800132637106176
We opened a bank account to keep the money safe.
tweet 5-8 http://twitter.com/#!/drellis500/status/67298974184382464
We are saving for our children’s college with 529 accounts and CD’s.
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i’m pregnant, no child yet, but it’s a good idea. and yes i did go to college. I wish MY parents would have saved for my college, because I had to pay for it all myself!
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I am in school right now.
We have a 529 account.
I went to college because my parents are the best and made sure I was able to 🙂
Right now it’s impossible to save anything for anything, but I want to start eventually.
lazybones344 at gmail dot com
No children but when I went to college I paid for about half while I was working and my employer paid the other half.
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The lottery scholarships paid for most of my son’s education.
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I don’t have a child and I didn’t go to college.
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tweet 5-9 http://twitter.com/#!/drellis500/status/67726524425584640
not right now but working on it
I don’t have a child and I’m still going to college!
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I saved for my kids’ college by buying savings bonds every payday. They were able to go without student loans.
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I did go to college and was fortunate enough to get scholarships.
I set up a 529 account soon after Lily was born. I have a monthly deposit going into it.
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I went, and I owe big time…
we’ve opened a 529 for both kids
I have a college savings account for my daughter. Got it when she was one month old.
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I went to college on my company’s tuition reimbursement program. It’s a company benefit that really helped me out!
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I havent started saving at all.
Thanks for the chance.
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I started putting money into a savings account for my daughter’s college fund when she was born. She’s now 17 and applying for scholarships to help!
I’m a GFC follower (sksweeps) and I LOVE your new car on your header (loved the old one too)
With two kids in college now and one junior in high school it was impossible to save enough for college,so I am working two jobs to pay for all the college expenses now.
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I don’t have kids, but I went to college and to grad school. I think I’ll be paying off those loans for the rest of my life, unless I can land a decent job in my field in the next decade. :-/
I’m in college now. I’m glad there are programs like upromise for the future generations in my family
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no kids but I do go to college!
Thanks for the entry!
Janna Johnson
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ever since my children were born we started a savings account for each of them we add money to it every week (chucosbabygirl(at)yahoo(dot)com)
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saving for my grandchilds college fund.
I have kind of a unique one..in addition to a regular savings account, my husband and I want to buy seller-financed notes in order to pay for our future kids’ college!
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The money just wasn’t there when our girls went to college. I am so thankful for their hard work to get grants and scholarships.
i sure am trying. but, it is hard.
We’ve been putting money into savings every month.
quit school and got my ged at age 15 started working still doing the same job 27 years later the oinly thing is it doesnt pay what it used to. and there are no jobs in america that i can apply for.other countries have our factories well heck you know that
my dad scrimped & saved so he could send me to an ivy league school. best decision i (and he) ever made!
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my son’s only a year old i’ve been saving but i don’t have much at all..lol
I tried but I was unable to keep a tuition plan for my son so now it is student loans if he goes to college.
We don’t have any children yet, but we do plan on saving for college. My husband was able to go to college because his parents saved for him, but I was only able to go because I received scholarships, which limited where I attended (even though I was accepted to all of my schools). I want my children to go to any college they want.
I follow you on twitter @theimaginetree
we actually just started one for my sons,ing
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Never went to college, wish I would have.
I am a GFC Follower
We have a savings account for each child for college savings.
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I am saving for College by living within my means now. I don’t buy little “extras” at the grocery store (unless it’s a freebie coupon) or shop at the malls just because it’s the weekend. I save up for those type of purchases thru out the year & and shop during the Black Friday Sales! Saving a percentage of each check to pay for college tuition has been beneficial. I also save a couple of bucks to apply towards my holiday shopping.
I subscribe via email
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We were not able to save for our children’s college…..unfortunately.
wendym at cableone dot net
We started saving money for the kids’ college when they were born! My husband spends a lot of time buying and selling stock for them
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I tweeted http://twitter.com/bsw529/status/68728238897242112
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I went for a short while.. So far we haven’t been able to afford to save anything.
My husband paid his own way through college.
I’m a GFC follower.
I’m a GFC follower. 2
I’m an email subscriber.
We put one thru college on a loan
My kids gets money for Christmas & birthdays from relatives so that goes into their savings for college.
I’m an email subscriber
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I’m a GFC follower #1
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I have no kids. I did go to college and now hold two Bachelors of Science degrees–one in Computer Science and one in Biological Sciences.
I’ve been encouraging my nieces and nephews to save up for college and also to keep an eye on various scholarships for help.
Thanks!
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I like Eighty MPH Mom on Facebook (Hudgins)
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I follow you on Google Friend Connect. (1 of 2 for this action)
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No child yet, but I went to college.
all my kids are grown and married but i’ve been saving for my grandaughter
im a facebook fan
I just opened a saving account for my eight year old daughter.
I went to college on a full ride!
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I have 2yrs of college…then I got married and never looked back.
I hope to return someday an get a degree in Library Sciences.
Thanks for the giveaway.
I Follow @EightyMPHMom on Twitter w/ katklaw777.
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We haven’t started saving yet.
Like you on FB Susan Smith
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We have a certain amount of the hubby’s paycheck going into a college fund for our daughter 🙂
I don’t have children but I did go to college.
No kids, and college was 40 years ago (math scholarship).
Thanks for the contest.
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I’m not saving for my child’s college education.
I save every year’s tax refund for my child’s college education
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Good stuff! Thanks for visiting!