If you plan to help your children pay for college, you are not alone. Many parents feel it is their duty to pay at least part of their children’s college costs, even though the price tag is rising as each year goes by. It is hard to save for your child’s education for two reasons. You don’t know where you child will end up getting their education, and you have no idea what that tuition will be once they are ready to enter school. This is when you need to go out and get some help with planning for college costs.
There are tools online that can give you a general idea of what college costs might be when your child is ready to go to college. You can also find a financial planner who can help you estimate what college costs may be in years to come. This is not an exact science by any means, but it can give you a leg up on knowing how much you need to save. That financial planner can then help you come up with a good savings plan to save for those college costs without breaking a huge hole in your budget.
Remember that each school has a different price tag. For example, private colleges are pricier than community and other public colleges. If you choose a private college like the Art Institute, for example, know that it will cost you as much for a two year degree there as a four year degree in a community college. So if your child wants to go to one of these schools, prepare to pay a lot of money for them to attend. Because you don’t know what your child will want to do, you have to perhaps save for the highest priced option to make sure you have things covered.
Don’t forget that if you can’t save the entire amount, there are other options to help your child cover college costs when it comes time to go. There are grants, though they often don’t cover very much of the costs. They may also be able to get loans, but you should encourage them to shoot for a scholarship instead. A scholarship will cover all of, or at least part of, their college costs, and sometimes they even help with living expenses. Not everyone can get a scholarship to cover college costs however, and if you can help contribute, you are helping them get a leg up in life.