… This is a way you and your parents can save money for college by placing a monthly amount or lump sum into a savings plan that slowly grows over time while also providing benefits such as income tax incentives. Parents usually start these while their child is young so the savings can build over time, but it’s … at home instead of paying for room and board if you attend a four-year university or college. Apply for Financial Aid Completing the FAFSA (Free Application for Federal Student Aid) or CADAA (California Dream Act Application) is your first …