Before you set your college savings goals, determine how many years of college for which you plan to pay. If you're a parent saving for your child's education, be sure to discuss with your child how much money you plan to contribute toward your child's education and talk about the amount for which your child will be responsible.
College costs continue to rise, making tuition and fees a major expenditure — similar to buying a new car or house. The good news is that you don't have to bear the costs of college alone; there are financial aid programs that can help. Costs include tuition, fees, books, room and board. Additional costs may include personal and transportation expenses.
For more information on the projected cost of a college education, visit:
Setting Savings Goals
Now that you have a sense for how much a degree may cost, consider how much you can put away each month to contribute toward that future expense. Keep in mind that you don't need to save the total cost of a higher education. But any amount you can save today will lessen your need for education loans.
Find out more about how your savings can add up and what types of savings methods are available to you.