This Chart Shows What You Need to Save Each Year to Send Your Child to College.
College is incredibly expensive and prices only go up. This chart shows how much you need to save for your child’s expenses annually, depending on what you plan to do, how old he is, when you start saving money, and whether they are attending a private or public university.
The chart from NerdWallet uses the current average annual spending for both private and public colleges. He then applies the annual average cost increases as determined by the College Board . It also assumes that you are investing in the 529 plan , which is specifically designed for college savings. The awful thing is that even if you start at the age of one and only hope to send them to public school, it’s still almost four thousand savings a year. Of course, as NerdWallet points out, there are many ways to cover college expenses – loans, scholarships, and federal grants – but it’s best to start saving for college as soon as possible . Check out the table below and click on the link to find out more.
From Experienced Moms to Moms-to-be: Start Saving Money for College | NerdWallet via Business Insider