Here's what to do to save for college:
Funding an education is an important goal that requires a lot of planning. And with the rising cost of higher education, planning for your children’s future is a great gift that can help them get ahead in life. At Coastal Credit Union, we're here to help.
The Cost of Higher Education
The College Board recently estimated that the average annual cost of tuition and fees at a public university is over $9,000 per year on average for in-state students, and over $22,000 for out-of-state students. Looking to send your child to a private college? The average cost last year was over $31,000 per year. Those figures do not include housing, books, or food. Here’s what the total costs for a four-year degree would be using these figures:
- In-state student, public college/university: $39,508
- Out-of-state student, public college/university: $97,690
- Private college/university: $135,010
Long-term saving for college and other education expenses often takes commitment. The sooner you can start saving, the greater your savings will be. Here are some options to consider to help you get started saving for college while your children are young.