In 2002, the average annual cost for a public university was $9,338. It is estimated that by 2017, the average annual cost will be $19,413. And thats just for tuition and credit fees. Lets not forget about room and board, books, food, clothes and extra activities.
With those figures it mind, it would be wise to start planning for your childs education today.
You already know about loans and scholarships but those arent the only options. You dont have to go into debt! There are several choices to help you prepare for your childs future.
529 Plans
A 529 or qualified tuition program is a (federal) tax-free investment plan that allows families to save for their childrens college educations.
Each state has its own 529 plan and you do not have to be a resident of a particular state to invest in that state’s plan.
The 2 types of plans include:
Prepaid Tuition Plans These plans allow you to pay for your childs in-state tuition at todays prices. These accounts are low-risk and they are guaranteed to match or exceed in-state inflation. However, these plans are often limited to state residents and the cost may not be covered if...
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