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. To lead a life of quality and comfort having a college education degree is pretty essential.
The trend these days is to look for avenues of higher education after completion of schooling in most of the places in the US. So jobs that use to only a high school education previously now are asking for an associate degree.
The earnings of those with a bachelor degree are approximately 70% higher than the earnings of anyone with just a high school education. 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.
The point here is whether you have the financial capacity to afford the expensive college education for your ward. 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. Anyone wishing to estimate the costs for out of state students would need to add about three to five thousand more dollars to the total bill, and students wishing to go to a private school would need to double the amount. Scholarships will help with some, but not all of that bill.
The expenses on stay and food consumes a large portion of this amount. Staying at your own home and doing higher studies would save you a good amount. 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. You will have to find ways to reduce this by using public transport, taking advantage of discounts and sales and using second-hand books.
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 increasing gas prices, this expenditure can also become huge. Clothing, food and entertainment expenses must be kept into account, along with, depending on the school, a computer.
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 is not easy to calculate the money needed for college expenditure far in the future, but the key to this is to add an increase of 10% per year. Do your research. If you find that setting up a fund for future education of your child is not possible, then opt for a savings account. You may also have a look at the local 529 plan and consider whether it can help you to avail some tax savings. It is assured that your investment on studies will pay you back in a great way.
The trend these days is to look for avenues of higher education after completion of schooling in most of the places in the US. So jobs that use to only a high school education previously now are asking for an associate degree.
The earnings of those with a bachelor degree are approximately 70% higher than the earnings of anyone with just a high school education. 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.
The point here is whether you have the financial capacity to afford the expensive college education for your ward. 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. Anyone wishing to estimate the costs for out of state students would need to add about three to five thousand more dollars to the total bill, and students wishing to go to a private school would need to double the amount. Scholarships will help with some, but not all of that bill.
The expenses on stay and food consumes a large portion of this amount. Staying at your own home and doing higher studies would save you a good amount. 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. You will have to find ways to reduce this by using public transport, taking advantage of discounts and sales and using second-hand books.
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 increasing gas prices, this expenditure can also become huge. Clothing, food and entertainment expenses must be kept into account, along with, depending on the school, a computer.
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 is not easy to calculate the money needed for college expenditure far in the future, but the key to this is to add an increase of 10% per year. Do your research. If you find that setting up a fund for future education of your child is not possible, then opt for a savings account. You may also have a look at the local 529 plan and consider whether it can help you to avail some tax savings. It is assured that your investment on studies will pay you back in a great way.
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