With the cost of a college education continuing to rise, it is becoming much more important for one to have a college plan. If one has a toddler and discretionary income, saving for college is the way to go. With time on your side, a systematic investment plan over time can do wonders in helping fund a college education.
Paying for College
There are several ways to pay for a college education.
According to the College Board, the cost today for the 2016-2017 school year was $33,480 for a private school and $24,930 for an out-of-state student at a public school. Bear in mind, this is an average and some top schools are in the $50,000 + a year range.
I’ve had a few conversations with parents recently about paying for college. Many seem resigned to scraping together as much as they can and then borrowing the rest, or vice versa to preserve their lifestyle.
Last night we conducted our first College Financial Workshop here in Newton, MA. With participants asking lots of good questions and taking notes throughout the session, we think it was a success.