There’s nothing cheap about higher education. On average, a moderate budget for the 2017-2018 school year at an in-state public college was $25,290. A year at a private school was almost twice that. Those budgets consider tuition, fees, housing and meals, books/school supplies, personal expenses and transportation expenses.* Of course, those dollar amounts must be multiplied for the number of years your child attends.
Unless you can rely on your children winning full scholarships, it’s crucial to have a plan for paying the skyrocketing costs of a college education. Most parents don’t want their kids to be burdened with student loan debt if it can be helped. Children rely on parents to help them make good choices and ensure their futures, so plan a strategy for college expenses.
If you would like comparative facts on ways to save for college, just ask. Some choices may offer tax benefits. There is no better time to consider options for paving the way to your children’s success.
*Source: College Data, “What’s the Price Tag for a College Education?” Accessed July 2018. https://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10064
CATEGORY: Personal Finances | August 27th, 2019 | BY: Neal Pettinelli