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Winning the College Savings Race

Sep 16, 2019

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
Assumes 3% annual inflation. Annual cost is assumed to be for a freshman entering college as well as a child born today entering college in 18 years.

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.

 

Read More

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.

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

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