Health & Fitness
Kids and College: How You Can Prepare for the Sticker Shock
Do you plan on helping your children or grandchildren pay for college?
Do you plan on helping your child or grandchild pay for college? According to the College Board, the average cost of a four-year education at a public university in 2011 was $41,540 and $114,000 for private colleges.
That is a lot of money!
Over the past decade, expenses at public institutions has increased nearly 40 percent and costs will almost certainly continue to rise.
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It is very important that families think about these costs while children are still young. You also want to look at where the money will come from, such as current income, scholoarships, work, loans or savings. By starting to save today, parents and grandparents can help their loved ones have the resources necessary to attend college.
College savings plans are available, so find out which savings plan is right for you and your family. You can look at the Coverdell Education Savings Account, the 529 Plan, or an UTMA acccount. Find out which makes the most sense for the kids in your life that you want to help out.
