The earlier you start saving, the easier it will be to send your kids to college
The month of September is when many parents are preparing to send children back to school this fall. While the checklists grow and the kids soak in the last few minutes of summer break, it’s important to remember college planning and back-to-school shopping. While getting an education can be difficult at times, paying for it can feel like climbing up an unending hill. More and more adults are going back to school, so this doesn’t just apply to kids.
According to the U.S. Census, in the 40+ years since 1980, college costs have increased by 169% – while earnings for workers between the ages of 22 and 27 have increased by just 19%.
Rising Costs of College
Today, the average cost for college – which includes tuition, room and board, and supplies – is $54,800 for private colleges and $27,330 for public in-state colleges (that rises to $44,150 for public out-of-state students).