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No matter your childs age, anything you could do to help themsave moneyfor college will be beneficial.
Thats more than four times the average cost of tuition at private nonprofit institutions was$40,700 per year.
Carrying this much student debt can be daunting, especially for someone fresh out of college.
Now that youve seen the numbers, its time to get to work.
Part of that foundation is being out of high-interest debt, having an emergency fund and saving for retirement.
He said this is important because there are no loans, grants or scholarships for retirement.
This is a bit of a put your oxygen mask on first analogy, he said.
With that out of the way, we can take a deeper look at saving for higher education.
Understand Inflation
When saving for college, inflation needs to be considered.
Yes, tuition is already expensive.
Choose Schools Strategically
As noted above, the cost of college tuition varies greatly by school.
Therefore, Daley suggested creating a plan for your child to complete college that works for your family.
Many students now have access to pathways to obtain college credits even before getting out of high school.
Seek Out Grants and Scholarships
College isnt cheap, but grants and scholarships can help.
Daley said your child should also be invested in uncovering these resources.
I see finding grants and scholarships as usually the first job out of high school, he said.
It can greatly impact the overall cost of education.
He recommended visiting sites like Scholarship.com, Collegeboard.org and CareOneStop.org as good places to start searching forgrants and scholarships.
Daley said a 529 account is one of the most popular savings vehicles for higher education.
Ultimately, the amount of money needed for college is different for everyone.
Additionally, the amount families can save varies greatly and thats okay.
I hope you are encouraged to build your foundation as you work towards setting up your student for success.
Be proud of yourself, because the sacrifices youre making today will help your child have a brighter tomorrow.
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Takeaway
Finding and working with a financial advisor is a great idea.
A financial advisor will help keep track of your finances and assist you in attaining your financial goals.
Get to know your Financial Advisor options today for Free!
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