College Affordability Center

1 01 2014

It is officially 2014 and many folks are gearing up to tackle some New Year’s resolutions!  For many, resolutions include eating healthy, paying off debt, saving for their kid(s)’ college.

For those parents with goals of saving for their child’s for higher education costs, the Department of Education provides valuable insight on tuition rates across the Nation.

Since I ran some numbers myself, I thought I’d share with my clients a math equation to reflect the same.

  • Child: Age 1
  • Tuition: $35,000 (estimated)
  • Time to Save: 16 years
  • Savings Total: $600
  • Amount Needed to be Saved to Achieve Goal: $158 monthly

Of course inflation is not factored into the equation, however I believe this math provides a peak into what parents will need to save to achieve their tuition goal.  Also, student financial aid and scholarships will help cut some costs for many prospective students.

Follow more of my articles regarding Education Costs/Kids and Money.

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