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CHICAGO, IL--(Marketwired - Jul 31, 2013) - BMO Harris Bank encourages families to financially prepare for college by saving early, utilizing federal student aid programs, and taking advantage of various scholarship opportunities.

Below are a few options to help families pay for college expenses:

- Consider a 529 plan: A 529 plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. A flexible and low-maintenance option, each 529 plan may vary from state to state so be sure to research the different benefits of your specific plan before you invest: research state 529 plans and compare between plans. Maximize the benefits of this plan by making sure to start saving as early as possible.

- Set up a savings account: A savings account will act as a safety net for college students who will encounter miscellaneous expenses such as food, travel, school gear, and activities with friends. The availability of cash will decrease a student's reliance on credit cards, and serve as motivation to continue to save.

- Share college plans with others: Inform others of your plan to attend college. Many close friends and family will support college-bound students' educational aspirations, so encourage them to deposit monetary contributions into a savings account as a birthday or holiday gift.

- Apply for federal student aid programs: Many federal student aid programs provide grants, loans, and work-study funds to students attending college or career school. They also offer free assistance to students, parents, and borrowers throughout the entire financial process to help make your college education possible. Eligibility is different for each program. Visit www.ed.gov for more information.

- Research scholarship opportunities: Many large corporations will offer scholarships to undergraduate students as a way to give back to the community. Additionally, corporate scholarships usually have unrestrictive eligibility requirements as a way to reach as many people as possible. The private sector, which consists of individuals and small organizations, will also help pay for college education. They tend to target students with a specific major or those who have overcome certain obstacles. Many options are available to provide students with financial resources throughout college. Students should seek out high school or college guidance counselors to help find which scholarship opportunities fits best while being mindful of deadlines and eligibility criteria when applying. Once students have enrolled in college, they should continue to search for scholarships -- accumulating as much grant and scholarship money as possible throughout one's college career.

About BMO Harris Bank

BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and approximately $555 billion in assets (as of April 30, 2013).