Many parents are in a state of “shock and awe” when they see the cost of college today and panic at the thought of what college will cost when their toddler reaches high school senior. A college education is expensive. Very expensive.
Tuition and living expenses at a state university for 4 years is about $80,000 and many private colleges can reach $200,000. Saving money for your child’s future education is not an easy task.
College 529 plans, stocks, bonds, certificates of deposit and bank savings accounts are all choices to save, but do not appear to be producing the returns necessary to meet upcoming rising college costs. Want more anxiety?
- College cost are rising faster than inflation.
- College graduates have about, on average, $26,000 in debt.
What are you doing that works to save for your child’s future college education?