A common question parents get from relatives involves suggestions for gifts for our children. What do they want or need? I don’t know if you are like me, but in the past I usually responded by suggesting a toy, clothing or gift certificate to a store. Reflecting on this question now, after paying for college for three girls I am positive my answer would be different.
According to the September, 2017 US NEWS article, the average tuition and fees at a private college cost $34,699 for the 2017-2018 school year. If you are planning on sending your child to one of the top 10 most private schools you could plan on paying $54,817 in tuition and fees, assuming the full tuition rate. Based on my past experiences and the current rate of tuition, I would better plan for the cost of college by starting a saving plan earlier.
If you are interested in learning more about strategies for saving for College, I will be having a webinar on this issue in January. The webinar title, “Saving for College”, is scheduled for Wednesday, January 10th, 2018 at 12 PM. The topics discussed will be how financial aid planning and college saving options can help to lower the cost of education. I will also review strategies for grandparents and college gifting.
To sign up for the webinar click here.