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Preparing for the high cost of higher education
No doubt about it, sending your child to college is one of the most important investments you can make in their future. You're setting them up to pursue their dreams and start their path into the next phase of their lives.
The real question for many parents is not whether they want to send their child to college; it's whether or not they have the means to make it happen.
According to the College Board, the average college costs for 2007-2008 are in the $25,000 range per year for a public school. Assuming that college costs rise at a rate of about 5% a year, it is possible that the same 4-year education at a public school could cost upwards of $200,000 by 2025. That's some serious cash for the majority of families.
While scholarships, financial aid, and work-study programs could potentially offset the high sticker price, there are no guarantees that those options will be available to your child. Starting a savings plan as early as possible is the best way to make sure you have a steady stream of cash available when your child gets the coveted acceptance letter.
So, how do you start saving? Dive right in.
The first step to long-term investing is to look at the big picture, define your goal, and then break it down into bite-size, attainable benchmarks. If you designate a set amount of money each month for your child's college savings plan, you shouldn't have to sacrifice important entertainment extras along the way, including fancy family dinners or parents' night out. It's all about having a plan and sticking to it. Your Parent Investment Specialist will help you put together a savings scenario that works with your timeline, goals, and budget.
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Keys to remember
Stick to the plan
Saving over the long haul is all about setting realistic goals from the get go. Remember, a little adds up to a lot when it's given time to grow.
Next steps
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