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Colorado Springs

Colorado Families Face June 30 FAFSA Deadline as Expert Shares Local College Savings Strategies

Ethan Reynolds

Ethan Reynolds

— 1 min read

Colorado families preparing for college expenses have until June 30, 2023 to submit their Free Application for Federal Student Aid (FAFSA) applications, with state education officials emphasizing the importance of meeting this crucial deadline. This comes after Colorado experienced a concerning decline in FAFSA applications last year due to system errors and delays.

For Colorado Springs and Denver metro families navigating the rising costs of higher education, local financial experts are highlighting the importance of early college savings strategies alongside federal aid applications.

"The best time to start saving is now. Time is perhaps the biggest factor in savings growth," emphasizes Neal Weber from Blue Federal Credit Union, a financial institution serving Colorado communities. "So, a great time to start is your child's birth, but saving when your child is in junior high or high school can make a big difference."

Colorado-Specific Savings Options

Weber recommends several strategies particularly relevant for Colorado families:

  • 529 Programs: Tax-advantaged savings plans that can be used for:
    • College tuition and expenses
    • K-12 education costs
    • Books and supplies
  • Coverdell Savings Accounts: Alternative option with:
    • $2,000 annual contribution limit per beneficiary
    • Income restrictions for contributors
  • College tuition and expenses
  • K-12 education costs
  • Books and supplies
  • $2,000 annual contribution limit per beneficiary
  • Income restrictions for contributors

Practical Savings Tips for Colorado Families

Weber shares several practical approaches for local families to build their education savings:

  • Automate monthly savings contributions
  • Channel salary increases into education savings
  • Make gradual adjustments to spending habits
  • Consider flexible 529 plans that allow fund transfers between siblings

For Colorado families still preparing for the upcoming academic year, completing the FAFSA application remains crucial for accessing federal financial aid, regardless of their current savings status. The combination of smart savings strategies and federal aid can help make higher education more accessible for students across the Centennial State.

This article contains AI-generated content and reflects opinion only. Readers are encouraged to verify all information independently before drawing conclusions or making decisions.

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