Finding sources for meeting expenses on studies of their children at college level is a problem faced by the parents all over the world. The choice is now between finding a job or getting more qualified through college. If one is planning to have a decent and comfortable life, higher education is pretty much a requirement.
The trend these days is to look for avenues of higher education after completion of schooling in most of the places in the US. So jobs that use to only a high school education previously now are asking for an associate degree.
The difference in the earnings between a college educated person and a high school education is about 70% more. Even those with a two-year associate degree earn considerably more. Those years are a small investment compared to a child's life time earning potential.
The problem is that the university education is very costly and whether you will be able to afford to afford it for your child. But then, how can you afford to not send them? If possible, you should start thinking of saving money for college education even before the birth of your. Lets take a look at how much money we're talking about.
It's cheaper to go to a college or university in the state where you live. In most of the states, the public schools, tend to charge higher fees from the non- resident students.. Most private universities charge the same for both in state and out of state students.
The amount required for college education would include cost on educational fees, living expenses including lodging, and other expenses. The estimated total in a public school is over twenty thousand dollars. Anyone wishing to estimate the costs for out of state students would need to add about three to five thousand more dollars to the total bill, and students wishing to go to a private school would need to double the amount. Scholarships will help with some, but not all of that bill.
A large portion of that amount is for room and board. So, if the student can eat and live at home that would be a huge savings. The next largest expense is for fees and tuition, something that is rising as fast as medical costs. Books, supplies and transportation account for the rest. You will have to find ways to reduce this by using public transport, taking advantage of discounts and sales and using second-hand books.
These costs are different depending on where you live and what type of lifestyle the student makes his own. If the child attends a school which is really far from home, transportation expenses must be factored in. With increasing gas prices, this expenditure can also become huge. You may also have to cater for a computer, depending on the course, along with other expenses for food, entertainment and clothing.
Most of these costs are examples of attending a four-year university but there are also community colleges and technical schools which are usually cheaper. There are students who would prefer this sort of studies.
It is not easy to calculate the money needed for college expenditure far in the future, but the key to this is to add an increase of 10% per year. Undertake some research yourself. So if setting up a trust for college is not an option, consider a simple savings account. You may also have a look at the local 529 plan and consider whether it can help you to avail some tax savings. It is assured that your investment on studies will pay you back in a great way.
The trend these days is to look for avenues of higher education after completion of schooling in most of the places in the US. So jobs that use to only a high school education previously now are asking for an associate degree.
The difference in the earnings between a college educated person and a high school education is about 70% more. Even those with a two-year associate degree earn considerably more. Those years are a small investment compared to a child's life time earning potential.
The problem is that the university education is very costly and whether you will be able to afford to afford it for your child. But then, how can you afford to not send them? If possible, you should start thinking of saving money for college education even before the birth of your. Lets take a look at how much money we're talking about.
It's cheaper to go to a college or university in the state where you live. In most of the states, the public schools, tend to charge higher fees from the non- resident students.. Most private universities charge the same for both in state and out of state students.
The amount required for college education would include cost on educational fees, living expenses including lodging, and other expenses. The estimated total in a public school is over twenty thousand dollars. Anyone wishing to estimate the costs for out of state students would need to add about three to five thousand more dollars to the total bill, and students wishing to go to a private school would need to double the amount. Scholarships will help with some, but not all of that bill.
A large portion of that amount is for room and board. So, if the student can eat and live at home that would be a huge savings. The next largest expense is for fees and tuition, something that is rising as fast as medical costs. Books, supplies and transportation account for the rest. You will have to find ways to reduce this by using public transport, taking advantage of discounts and sales and using second-hand books.
These costs are different depending on where you live and what type of lifestyle the student makes his own. If the child attends a school which is really far from home, transportation expenses must be factored in. With increasing gas prices, this expenditure can also become huge. You may also have to cater for a computer, depending on the course, along with other expenses for food, entertainment and clothing.
Most of these costs are examples of attending a four-year university but there are also community colleges and technical schools which are usually cheaper. There are students who would prefer this sort of studies.
It is not easy to calculate the money needed for college expenditure far in the future, but the key to this is to add an increase of 10% per year. Undertake some research yourself. So if setting up a trust for college is not an option, consider a simple savings account. You may also have a look at the local 529 plan and consider whether it can help you to avail some tax savings. It is assured that your investment on studies will pay you back in a great way.
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