Parents…did you know that the average family pays for half of their child’s college education from income and savings?
So how much are we talking? In 2017-18, that average amount spent on college by families was about $26,000. Nearly half of that amount – $13,000 – came from the family’s personal income and savings.*
While the idea of coming up with that much money can be daunting, there are things you can do now to ease the burden of saving – and paying – for your child’s future college education.
What Parents Can Do:
- Set Concrete Goals.
If you make a plan for how your student’s college costs will be paid, you will be in a better position to address those costs than a parent without a plan. Even if you can’t contribute monetarily toward college, helping your student with the planning process is a great way to invest in their future. If you aren’t sure where to start, consider using the College Board’s College Saving Calculator. Once you understand your student’s projected college costs, you can work together as a family to figure out how to make college a reality.
- Open a College Savings Account and Make Regular Deposits.
What Students Can Do:
- Save, Not Spend.
- Consider Dual-Credit Classes.
Dual-credit classes are courses students can take in high school that also count toward college credit – usually for General Education course requirements. If students can knock out some of those requirements ahead of time, they won’t have to pay to take those courses once they get to college. You will want to verify that the college your student is interested in attending will accept the course credits.
- Prepare for Scholarships.
Hopefully, these tips will help you feel confident in taking those first steps to help your student monetarily prepare for college. If you need further assistance, feel free to call an EducationQuest office near you!