Planning for College
If you have children you have probably
already heard the statistics about the rising cost of sending your
kids to college. The College Board reports that prices at
public colleges have risen 30 percent over the past five years,
even after adjusting for inflation. In 2010, average tuition
and fees were up over 5 percent at four-year public and
four-year private colleges.
Imagine: Your oldest child enters a
four-year, in-state public college this year. You can expect
the total 4 year cost to exceed $64,000. If your other child
enrolls in the same school just five years later, the estimated
costs would be $80,000! Now consider: Same kids.
Private school. You'll be spending about $148,000 and
While these numbers are frightening,
achieving a plan for college is not impossible. The reality
is that the savings needed to send most kids to college are below
these averages. Student loans, financial aid, scholarships
and grants help support the needs of most students. Of
course, starting a savings program early is still your best
bet. The more you save now for college, the less you'll have
to borrow later. Our calculators can help you determine how
much to save to reach your savings goals.
There are many options for saving for your children's
education - from basic savings accounts to certificates of
deposit. Visit with your local Customer Service
Representative to determine the options which best meet your
You might also visit The College Board website at www.collegeboard.com. This
site contains a wealth of information on topics such as choosing a
college, applying to college, and paying for
college. The site offers financial calculators
and a scholarship search tool to assist you in your quest.