If you have children you have probably already heard the statistics about the rising cost of sending your kids to college. The College Board reports that prices at public colleges have risen 30 percent over the past five years, even after adjusting for inflation. In 2010, average tuition and fees were up over 5 percent at four-year public and four-year private colleges.
Imagine: Your oldest child enters a four-year, in-state public college this year. You can expect the total 4 year cost to exceed $64,000. If your other child enrolls in the same school just five years later, the estimated costs would be $80,000! Now consider: Same kids. Private school. You’ll be spending about $148,000 and $178,000, respectively!
While these numbers are frightening, achieving a plan for college is not impossible. The reality is that the savings needed to send most kids to college are below these averages. Student loans, financial aid, scholarships and grants help support the needs of most students. Of course, starting a savings program early is still your best bet. The more you save now for college, the less you’ll have to borrow later. Our calculators can help you determine how much to save to reach your savings goals.
There are many options for saving for your children’s education – from basic savings accounts to certificates of deposit. Visit with your local Customer Service Representative to determine the options which best meet your needs.
You might also visit The College Board website at www.collegeboard.com. This site contains a wealth of information on topics such as choosing a college, applying to college, and paying for college. The site offers financial calculators and a scholarship search tool to assist you in your quest.