Deadline to submit a FAFSA application is coming up on June 30

The deadline to submit a FAFSA application is coming up on June 30. Last year Colorado saw a decline in applications because of a series of errors and delays. While federal financial aid can certainly help people afford college, experts say it's key to start saving early.

Our Denver partners talked with Neal Weber from Blue Federal Credit Union about some different ways to save. His biggest piece of advice: it's never too early or too late.

"The best time to start saving is now," Weber said. "Time is perhaps the biggest factor in savings growth," Weber said. "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."

Weber said a 529 program is a good place to start.

"A 529 is a tax advantage savings plan that offers unique benefits that reduce that burden of saving for college," Weber explained.

Any withdrawals for qualified education expenses are tax-free. Weber said that includes tuition, books, supplies and more. While many people think of a 529 for college savings, Weber said you can also use some of those funds for K-12 education.

529 plans are also flexible, Weber said. You can move the funds between siblings or other family members.

Weber said another option is a Coverdell savings account, which is also a tax-advantage savings plan. But he said, Coverdell accounts are limited to $2,000 per beneficiary and there are income limits as well.

"I think it's important to evaluate all the options before you make a decision on which is best for you," Weber advised.

He also said that everyday habits can make a big difference.

"Automate your savings to ensure you're never going to forget or be tempted to overspend. Utilize any raises you receive to increase your rate of saving over time. Make gradual but consistent changes to your spending to free up more of your savings," Weber suggested. "From 0 to 18 is a long time. You can add up a lot of savings."