College Savings |
Only half of all families with children under 18 save any money for college and savings are on average between $3,792 to $27,446 a year. Since 1969, per Newsweek Magazine, the average cost of college (tuition, fees, and room and board for full-time students) has almost doubled compared with the median family income. The average cost for college in 1969 was $9,502 (after adjusting for inflation). Many of these institutions of higher learning are now charging $20,000, $30,000 or even $40,000 a year for tuition and fees. That does not even count living expenses. The median income for a typical American family is $51,000 on average. So, you can see that the cost of college for just one child will eat up 40% of the family’s income. Without advance college savings, coupled with possible grants and scholarships a student may receive from financial aid and other sources, many parents’ dream of sending their child to college might not be fulfilled. It is best that you get all of the facts so that you can make an informed decision regarding college savings |