Millions of students will enter college this Fall. Many parents and relatives have planned and saved to make it happen.
These families had lots of questions along the way. We have answers to help them make good decisions about the best way to fund a college education.
How much are we going to need?
The amount you save depends on your family's goals and resources. It's something you can think about now before you start making your choice of schools.
According to the College Board, the average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities.
Multiply those figures by four and you may need upwards of $140,000 for and undergraduate degree.
Also keep in mind that your son or daughter may want to go to graduate or professional school after you pay for that undergrad degree. That may cost an additional $125,000 or more.
If you think your daughter or son has what it takes to become a doctor, the Association of American Medical Colleges, the average cost of attendance for one year at a public medical school (including tuition, fees, and health insurance) was $34,592 for in-state students and $58,668 for out-of-state students in 2016–2017.
Take those figure times eight and med school can cost nearly $500,000.
What do we need to know to manage our college savings?
Some types of investments can be managed for you through 529 college saving plans. But having a basic investing knowledge will help you save for any goal… and we can help you learn.
After establishing your savings plan you should become familiar with FASRA…the Free Application for Federal Student Aid that can be found on the Federal Student Aid website… https://studentaid.ed.gov/sa/. It is the foundation of student aid at banks and nearly every college.
If you need help with college planning, we have access to professionals who specialize in guiding parents and their children make the right decisions about choosing a college… College Career Results…. http://www.collegecareerresults.com.
How do we balance college saving with retirement and other goals?
You make financial plans for more than just college… you may want to buy a home or retire early. We can guide you to create a comprehensive plan that includes all your financial goals and helps you prioritize them.
When's the best time to start saving for college?
The best time is now… the earlier the better
What's am effectove way to save for college?
For many people it’s a 529 College Savings Plan. The Plan has tax savings which mean more money in your account
If you need more information or would like to open a 529 account, please contact us.