Top ways to tackle higher education costs
Experts recommend opening a savings account as early as possible
(InvestigateTV) — The average yearly cost of a public 4-year college last year was more than $10,000 for in-state tuition and fees, according to the College Board, making it essential for families and students to plan ahead.
Robert Farrington, the founder of The College Investor, says he believes a lot of families really do want to help their children save for college and avoid student loan debt.
“The cost of college can be scary, especially when you see it rising. But I think it’s important for families to remember that you don’t have to save 100% of the cost of college,” Farrington explained. “Anything helps. And there is a lot of ways to pay for college as well.”
The College Investor has several guides to help save and pay for college. Here are a few of their top suggestions:
Start a college savings account as early as possible: 529 plans, Uniform Gift/Transfer to Minor Accounts, and Roth IRAs are three popular accounts to open.
Apply for Free Application for Federal Student Aid (FAFSA): In 2021, students missed out on an estimated $3.75 billion in grants simply because they did not fill out the FAFSA form, according to the National College Attainment Network (NCAN).
Lastly, Farrington said we don’t know what the cost of college will be like in the future, but any little bit you set aside will ultimately help.
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