Finding sources for meeting expenses on studies of their children at college level is a problem faced by the parents all over the world. The choice is now between finding a job or getting more qualified through college. If one is planning to have a decent and comfortable life, higher education is pretty much a requirement.
Unlike previous decades, more than half of recent graduates in the United States engage in some type of schooling after high school. Consequently even the jobs, which had been getting filled up by those who have completed only high school education, are now asking for college graduation.
The difference in the earnings between a college educated person and a high school education is about 70% more. Even those with a two-year associate degree earn considerably more. Those years are a small investment compared to a child's life time earning potential.
No doubt, a college education is expensive and the question arises can you afford to send your child to college. Nevertheless, you can also not risk to deprive them of it. If possible, you should start thinking of saving money for college education even before the birth of your. Lets take a look at how much money we're talking about.
It's cheaper to go to a college or university in the state where you live. In most of the states, the public schools, tend to charge higher fees from the non- resident students.. Most private universities charge the same for both in state and out of state students.
The amount required for college education would include cost on educational fees, living expenses including lodging, and other expenses. The estimated total in a public school is over twenty thousand dollars. However you will have to shell out at least five thousand dollars more for sending your child to other states and double of that to the private schools. You may get some relief with scholarships, but that would be only a fraction of the bill.
The expenses on stay and food consumes a large portion of this amount. So, if the student can eat and live at home that would be a huge savings. The next largest expense is for fees and tuition, something that is rising as fast as medical costs. The remaining amount includes the money spent on transportation, books and other items. There are ways to save on those with sales, used books and public transportation.
The costs also depend to a considerable extend on the lifestyle of the student and the locality where he or she stays. You will have to add the transportation expenditure to the budget if the child has to travel far to the school. With the price of gas continuing to increase, this expense could be astronomical. You may also have to cater for a computer, depending on the course, along with other expenses for food, entertainment and clothing.
These are the usual anticipated expenses for completing a four-year degree course, but you can find technical schools and community colleges where expenses are lesser. Some students may even find them more appealing.
It's hard to estimate how much college will cost several years down the road, but you should estimate an increase of about 10% a year. Undertake some research yourself. If you find that setting up a fund for future education of your child is not possible, then opt for a savings account. Better yet, check out the local 529 plan in your state which can also save you money on taxes. It is assured that your investment on studies will pay you back in a great way.
Unlike previous decades, more than half of recent graduates in the United States engage in some type of schooling after high school. Consequently even the jobs, which had been getting filled up by those who have completed only high school education, are now asking for college graduation.
The difference in the earnings between a college educated person and a high school education is about 70% more. Even those with a two-year associate degree earn considerably more. Those years are a small investment compared to a child's life time earning potential.
No doubt, a college education is expensive and the question arises can you afford to send your child to college. Nevertheless, you can also not risk to deprive them of it. If possible, you should start thinking of saving money for college education even before the birth of your. Lets take a look at how much money we're talking about.
It's cheaper to go to a college or university in the state where you live. In most of the states, the public schools, tend to charge higher fees from the non- resident students.. Most private universities charge the same for both in state and out of state students.
The amount required for college education would include cost on educational fees, living expenses including lodging, and other expenses. The estimated total in a public school is over twenty thousand dollars. However you will have to shell out at least five thousand dollars more for sending your child to other states and double of that to the private schools. You may get some relief with scholarships, but that would be only a fraction of the bill.
The expenses on stay and food consumes a large portion of this amount. So, if the student can eat and live at home that would be a huge savings. The next largest expense is for fees and tuition, something that is rising as fast as medical costs. The remaining amount includes the money spent on transportation, books and other items. There are ways to save on those with sales, used books and public transportation.
The costs also depend to a considerable extend on the lifestyle of the student and the locality where he or she stays. You will have to add the transportation expenditure to the budget if the child has to travel far to the school. With the price of gas continuing to increase, this expense could be astronomical. You may also have to cater for a computer, depending on the course, along with other expenses for food, entertainment and clothing.
These are the usual anticipated expenses for completing a four-year degree course, but you can find technical schools and community colleges where expenses are lesser. Some students may even find them more appealing.
It's hard to estimate how much college will cost several years down the road, but you should estimate an increase of about 10% a year. Undertake some research yourself. If you find that setting up a fund for future education of your child is not possible, then opt for a savings account. Better yet, check out the local 529 plan in your state which can also save you money on taxes. It is assured that your investment on studies will pay you back in a great way.
About the Author:
The author has been a bedding salesman for just over seven years and also contribute to the site mattesscoupons.net where we find the latest mattress deal on the net. Check out my resource on bedding deals or sales to save money before you buy a new mattress.
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