Webinar Available for On-Demand Viewing
Presented by Stacey Braun Associates, Inc., provider of the Financial Planning & Credit Counseling benefit
Presenters: Gerry McGahran & Paul Kiley
What you need to know to save for a college education.
Are you planning to help your children, grandchildren, or another child close to you with their education expenses? Or thinking of taking classes yourself? College costs generally increase at about twice the rate of inflation, from 5 percent to 8 percent per year. And these costs are already steep.
The best way to pay for college is to start saving early. However, that’s not always as easy as it seems when other life expenses get in the way.
Did you know …
- The total cost of college refers to total cost of tuition and fees, books and supplies, as well as room and board for those students living on campus.
- The average cost of attendance for a student living on campus at a public 4-year in-state institution is $25,864 per year, or $103,456 over 4 years.
- Out-of-state students pay $43,721 per year or $174,885 over 4 years; traditional private university students pay $53,949 per year or $215,796 over 4 years.
- While 4 years is the traditional period to earn a bachelor’s degree, just 39% of students graduate within 4 years.
- 60% of bachelor’s degree earners graduate within 6 years, totaling an average $155,184 for the cost of attendance.
- Students unable to work full-time stand to lose $39,676 in yearly income.
- Student borrowers pay an average of $1,898 in interest each year, and the average student borrower spends 20 years paying off their loans.
- Taking into account lost income and loan interest, the ultimate price of the average bachelor’s degree may be as high as $400,793.
Source: Average Cost of College
Listen to the on-demand recording and learn:
- How much college will cost when you or your children are ready to attend college
- How to save and invest for college education
- What a Section 529 Plan is and how it can help you save
- How the financial aid process works
- What educational tax benefits are available to you
Don’t miss out! Your early planning can make the difference!