Parents and their children ponder the same question throughout most of the world: what to do after high school graduation. The choice is now between finding a job or getting more qualified through college. To lead a life of quality and comfort having a college education degree is pretty essential.
Unlike previous decades, more than half of recent graduates in the United States engage in some type of schooling after high school. Consequently even the jobs, which had been getting filled up by those who have completed only high school education, are now asking for college graduation.
The difference in the earnings between a college educated person and a high school education is about 70% more. Those qualified with two year diplomas even get much more than high school qualifiers. Considering the difference in the earning potential the time spend for college studies is a small investment.
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.
You would be spending less if you send your child to a college in your own state. 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 estimated cost for each year of college is based on tuition, room and board, books, supplies and living expenses. This usually would cross about twenty thousand dollars for most universities. However you will have to shell out at least five thousand dollars more for sending your child to other states and double of that to the private schools. 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 the price of gas continuing to increase, this expense could be astronomical. Clothing, food and entertainment expenses must be kept into account, along with, depending on the school, a computer.
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. Some students may even find them more appealing.
It's hard to estimate how much college will cost several years down the road, but you should estimate an increase of about 10% a year. Do your research. 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. You can count on a good return on your college investment.
Unlike previous decades, more than half of recent graduates in the United States engage in some type of schooling after high school. Consequently even the jobs, which had been getting filled up by those who have completed only high school education, are now asking for college graduation.
The difference in the earnings between a college educated person and a high school education is about 70% more. Those qualified with two year diplomas even get much more than high school qualifiers. Considering the difference in the earning potential the time spend for college studies is a small investment.
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.
You would be spending less if you send your child to a college in your own state. 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 estimated cost for each year of college is based on tuition, room and board, books, supplies and living expenses. This usually would cross about twenty thousand dollars for most universities. However you will have to shell out at least five thousand dollars more for sending your child to other states and double of that to the private schools. 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 the price of gas continuing to increase, this expense could be astronomical. Clothing, food and entertainment expenses must be kept into account, along with, depending on the school, a computer.
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. Some students may even find them more appealing.
It's hard to estimate how much college will cost several years down the road, but you should estimate an increase of about 10% a year. Do your research. 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. You can count on a good return on your college investment.
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