Sometimes I feel like I was just preparing for the SAT and filling out college applications myself, then I realize that my little girl with be taking the SAT herself before long! Naturally as a parent, I think about the rising college education costs and I try to plan ahead to meet them. This post is sponsored by Country Financial who reminds you that it just takes simple steps to reach your goals.
Rising College Education Costs
There is almost no way to know the exact price tag for your child’s college education since you probably don’t know what college they will select or what course of study they make take. However, there are some ball park numbers you may wish to know and some college education costs tends.
When considering the cost of your child’s college education, don’t forget to include tuition, fees, housing meals, books, and school supplies. Using these numbers, the College Board reports that a “moderate” college budget for an in-state public college for the 2016–2017 academic year averaged $24,610 and the moderate budget at a private college averaged $49,320. Wowzer!
A College Education Is Still Worth It
This CNBC article has a great chart showing the rising costs of college education over time but the bottom line is, a college education is invaluable in my eyes. OK, if you must place a value on it, US News says, “Among millennials ages 25 to 32, median annual earnings for full-time working college-degree holders are $17,500 greater than for those with high school diplomas only.” Over 45 years that adds up pretty significantly.
Plan Ahead To Be Prepared
While the rising college education costs can seem overwhelming, it is important to remember that college educations come at many different price levels and that financial aid and scholarships can greatly reduce your cost. The most important thing a parent can do to prepare to meet the rising college education costs is to start saving early and consistently. COUNTRY Financial has local representatives to help to help you take simple steps to reach your goals.
Did your parents make sacrifices to help you pay for college? Have you started college saving yet?