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College costs can be more than a little painful, but with the proper financial planning, you could be whistling your child’s college fight song all the way to the bank.
Although federal and state financial aid for college students have decreased, published in-state tuition costs and fees at public four-year institutions increased 3.5 percent per year beyond inflation over the last 10 years, according to the College Board, a nonprofit representing colleges and universities. Based on its Trends in College Pricing 2016 report, the average published tuition and fee price in the public four-year sector is 3.7 times its level 40 years ago (after adjusting for inflation). The average price of attending a private university for four years (including transportation and other living expenses) has reached more than $197,280 based on 2016-2017 rates.
With Americans marrying later in life and waiting to have children, parents may be facing college costs while simultaneously planning for retirement. That makes starting college savings early even more important to your future as well as your child’s – especially considering median family income for those with bachelor’s degrees or higher was $111,270 in 2015, more than twice the median income for families headed by a high school graduate, according to the College Board report.
Regardless of your child’s age or the number of children you have, you do have options for investing in college costs. KGE Wealth Management can help you evaluate different strategies and select those that best meet your goals for paying for college.
Written by Securities America for distribution by Keith Ellen at KGE Wealth Management.
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