What is the best way to save for college and how does it impact financial aid awards?

Hi! I recommend creating a budget plan and after 1st semester, update it. You will be surprised with the number of things you might not have considered. I moved to LA from a suburban town and did not anticipate spending money on outings (food, events, attractions and of course, gas). I also recommend having a sense of your friends' finances. Don't be afraid to say 'no' or recommend an attraction that is free. You can find a lot of sources that provide students with discounts and/or offer fun activities with little to no cost. You will have to report your savings and assets in your FAFSA application yearly. I recommend reviewing the FAFSA4CASTER and checking. It can affect your financial awards, specifically grants and loans. Each school is different with how they handle outside scholarships. Some scholarship programs send checks directly or require proof of enrollment and will then send the check directly to the school. Hope this helps! https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1