A college education is becoming more and more essential to working in the US. How do you ensure that your children will have the opportunities that come with education? Are you setting enough aside?
If you’re like most parents, you probably feel some anxiety about how you will finance your child’s college education. Though families are recognizing the necessity of college and are saving for it at record rates, it can be unclear how much you need to save at each stage to feel at ease.
- Almost 40% of parents have no plan for college savings (SallieMae Bank, 2016). Saving something now is always better than putting it off – and waiting until student loans come due is a sure way to feel uncertain about your child’s future.
- The average American family has saved about $18,000 for college (SallieMae Bank, 2016). While that amount may feel substantial, it isn’t enough if your child is older than 9 years.
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