College Planning
College education for a child can be one of the biggest expenses a family will face. There are many things to consider when determining which college savings plan is right for you and your family. Yaegers Financial Services can help outline the advantages and disadvantages of each savings option so you can select whether or not a US Series EE Savings Bond, UTMA/UGMA account, Coverdell Education Savings Plan, or 529 Savings Plan/Prepaid Tuition is right for you.
Over the past ten years, the average cost of college tuition has risen over 5% annually. This is more than double the rate of inflation in the United States over that same time period. Today, the average cost of a four year college education at a public university is $71,460 and $162,044 at a private university. It is estimated that a child born today entering college eighteen years from now, will see those four year costs grow to $223,207 and $403,231 respectively.[1]
Planning for the costs of your child’s education today can reduce the financial burden on your family and help your child avoid carrying that burden with them into the workforce. There are five simple strategies you can do to boost your college savings efforts:
- Start Early
- Invest Regularly
- Ask Friends and Family to Help
- Educate Yourself
- Work with a Financial Advisor
By following these simple steps, one of the biggest costs your family will face can be transformed into a foundation for the future of your children. Yaegers Financial Services is prepared to be there every step of the way to help build that foundation.
5 Strategies for College Savings Success Presentation - Click Here
[1] Source: The College Board, Trends in College Pricing, 2009. Projected cost upon child’s entrance to college for four years at a public or private college. Figures are based upon the 6.53% and 5.20% 10-year average annual increase in public and private college costs, respectively, as reported by The College Board for the 2009-2010 school year. Costs include tuition, fees and room and board. The inflation rate, as measured by the U.S. Consumer Price Index, has increased an average of 2.52% annually over the 10 years ended 12/31/09.
