Paying for college is a very real concern today. In a recent Gallop survey, 73% of parents with children under the age of 18 said that they are either “moderately worried” or “very worried” about paying for their kid’s college education. Who can blame them? The cost to attend college has skyrocketed over the past ten years, and it will, unfortunately, continue to climb.
The average in-state public college tuition for the 2015-2016 year was $9,410 – a lot but not too horrible. That’s just tuition though. Housing, meals, books, miscellaneous school fees and supplies – push the annual cost up to right around $24,000 per year. Yes, almost $100,000 in today’s dollars for a four-year education.
What can we do to make sure college doesn’t ruin our retirement plans? Or saddle our children with tons of debt as they start out life on their own? Have a financial plan to help cover at least some, if not all, of the costs. Below are tips to help you get started in the right direction.