Getting started with college savings

How you can start preparing now for your child’s college tuition.

You understand the power of making smart investments. It can give you freedom and flexibility to do what you want. For many, a college education is one of the smartest investments you can make, generating important intangible benefits — new ideas, broader experiences, cultural awareness, and self-confidence. Plus, higher learning often leads to higher earning power.

Although you know the value of a good education, helping your child pay for their college education can be a real challenge.

Currently, tuition costs are increasing at a faster rate than inflation. For example, a recent study reports that after inflation, a university education has risen 2.9 percent on average per state.1

How much does college cost?

On average, tuition for public universities ranges from $10,116 (in-state) to $22,577 (out-of-state) per year. Private schools average $36,801 per year. And these costs don’t include housing, books, and food2 — and you know how much college kids can eat.

Clearly, making sound college funding strategies is important if you don’t want to dip too deep into your family’s savings. Here’s some helpful info to get you started.

 

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