Try to Save a Third of Your Child’s College to Spread Costs
College is getting more expensive every year, so it’s difficult to save enough money to pay for all of your child’s education . Instead, set a savings goal of one-third of what you think their college education will cost so that you are ready to cover at least that amount by the time they leave for school.
In a post on Money, Mark Kantrowitz explains where the other two-thirds come from:
Aim to save a third of the expected college tuition costs for your children by the time they enter campus. The next third can come from income (plus grants and scholarships) at the time of tuition fees, and the last third can be borrowed by you or your child.
It’s obviously best to pay all at once, but if that’s not possible, that’s a good goal to aim for. The project charges tuition fees even before the end of the school year, so by the time they go to college, you’ll have saved enough money. When your child is in junior high school, start working with them to find and apply for scholarships and grants . Then, when it comes time to apply for a loan, be sure to explain what impact the borrowed money will have on the future . For more information on this method, check out the full post at the link below.
This Formula Will Help You Know How Much To Save For College | Money