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Winning the College Savings Race

Key Takeaways

There are multiple options available when it comes to ways to save for college.
Due to the high projected future cost of a college education, creative strategies are needed.
Grandparents can also play an active role in helping families save for college.

Paying for college has become increasingly burdensome for American families, often saddling unprepared graduates and parents alike with high levels of student loan debt. While these issues alone are problematic, their impact on the overall financial security of American households has become even worse as families struggle to balance college costs and debts with the need to save for retirement.

Present and Projected Future Costs of Tuition, Room and Board

Present and Projected Future Costs of Tuition, Room and Board
	Total cost today	Total cost starting in 18 years
Total cost of an elite private college with annual tuition $71,000 today	$297,000	$505,000
Total cost of a less expensive in-state college with annual tuition $20,000 today	$83,000	$142,000

This guide describes a range of college savings and investment vehicles that are commonly available to families. Importantly, it also describes a wide range of tactics, some of which receive little public attention, that students, parents, and grandparents may be able to employ to help them reach their college savings goals.

For more information on saving for college, download Winning the College Savings Race PDF opens in a new window, or read How I’m Paying for My Kids’ College Opens in a new window.

The passage of the SECURE Act represents new planning opportunities. For more information, visit LINK Link by Prudential opens in a new window or call (833) 630-3514.

You may also be interested in other College Funding Opens in a new window topics.

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Winning the College Savings Race

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Present and Projected Future Costs of Tuition, Room and Board

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