How much to save for college

strictgreek95
August 05
Status: 5 tokens - Active

How much cash should I save up for my child's college expenses?

1 Answers:

aceventura7 avatar

Many parents get sticker shock when they learn how expensive college is now, and for good reason – the Institution Board estimates that if you're willing to pay the money, a four-year public college will cost you $10,560 annually. You would often pay a staggering $37,650 for one academic year at a four-year private college.

Ideally, a family would start saving for college from birth and save $2,000 each year. So, for example, a family with a 13-year-old child should have saved $26,000 for the child’s college expenses. If a family has not been able to save, the 2K rule can help the family set a target.

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