You and your children’s earning potential can dramatically increase with your level of education. In fact, according to the Bureau of Labor Statistics, someone with a bachelor's degree earns an average of $20,000 a year more than a high school graduate.1
That’s one reason saving for college is important, but there are other potential benefits to consider as well:
The average annual cost of tuition, room and board for the 2012-2013 school year for public and private college were2:
Type of school
Average annual cost
Increase over prior year
4-year in-state public university
4-year non-profit private university
|2-year public college|
*Tuition and fees only. Sample for inclusion of room and board too small to provide meaningful information.
While inflation only grew at about 2 percent in 20123, it’s obvious that college expenses are increasing at a much faster pace than the cost of living.
Paying for college
Personal Savings / Investments
Depending on your family’s assets and income, financial aid may be available to help pay for college. The purpose of financial aid is to provide the difference between college costs and what the family can afford.
There are three main types of financial aid:
According to The College Board, loans account for 38 percent of all financial aid. Learn more about the types of financial aid available in our Tools page .
For a free Expected Family Contribution calculator, visit www.collegeboard.com.
If financial aid is a possibility, should you and your child save money for college?
The availability, type or amount of financial aid is not guaranteed. Loans are a common form of financial aid, and loans almost always have to be repaid by you or the student. So, it makes sense to save for future education expenses.
COUNTRY offers a variety of planning options to help pay for the high costs of higher education. I can sit down with you to explain your options and help you plan for a secure financial future.
Call me today.
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The information contained here is general and should not be considered legal or tax advice. Laws of a particular state and your particular situation may significantly affect the general information presented herein. The availability of the tax or other benefits mentioned above may be conditioned on meeting certain requirements. COUNTRY and its representatives cannot give legal or tax advice. You should consult your attorney or tax advisor regarding your specific legal or tax situation.
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