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Only 56% of families have a financial plan to meet college savings goals
March Madness will capture our attention for the next few weeks. As we watch college athletes compete for the NCAA basketball championship, it is important to remember most college students have to pay for their higher education.
It is no surprise the cost of a college education has risen substantially over the years. According to Education Data Initiative, the annual total cost of attendance is $25,487 for a 4-Year In-State public school, $43,161 for a 4-Year Out-of-State school, and $53,217 for a private school.
Saving for such large expenditures is challenging, especially considering retirement, housing, healthcare, and other saving and living needs. Add to that the availability of student loans, and college planning often becomes a lower priority.
Supporting educational aspirations, without burdening debt, is a great way to provide children with a path to higher earnings and increased career opportunities. Working with an advisor can help ensure educational goals do not get overlooked.
Our partners at eMoney have a short video with more.
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