College/University Savings Plans
When having children, parents don’t often think about how much their kids will cost them. However, it takes a lot of money to raise a child.
According to the U.S. Department of Agriculture, in 2013 it will cost a middle income couple $245,000 to raise a child until 18 years old. And this does not include college costs.
But the big bill comes when your child goes to college.
| Type of Tuition | 4-year Tuition 2013 | Tuition & Fees in 18 years: 2031 |
| Private | $129,700 | $312,200 |
| Public | $38,300 | $92,200 |
Where do you get the money for your child to go to college of their choice?
Looking back, you may remember all the toys, parties, and trips you spend on your children over the last 18 years. You took care of them so well, except you didn’t prepare for the high cost of education.
What if you thought ahead, cut down some unnecessary expenses, and put those savings into an account. You might have had a happier scenario.
Many parents end up having to withdraw money out of their pension or retirement account. Others get loans from equity in their house and go into debt.
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