Lower the Cost of College without Breaking the Bank or Your Retirement Nest Egg
School season begins once again. It’s hard to imagine but here we are at the end of another summer. Yellow buses roll. Marching bands practice. And it’s time for some high school football.
While it’s hard enough to stay focused on all the classwork, homework and after-school activities at hand, there’s one more thing to add to you and your student’s “To Do” list: Gearing up for college.
It may be next year, or two, three or more years from now, but you know it’s coming just like that book report or science project that your student will be getting soon enough.
What’s a parent to do? Well, you could do nothing, wait to the last minute and then wing it like some students do with that book report. Or you can start taking steps to improve your position.
With the average cost of in-state tuition at nearly $20,000 per year and private schools double that or more and rising at about 6% each year, are you prepared to pay the bill and even sacrifice your retirement to send your children to college? The Class of 2010 left school with an average student loan debt of $25,200 and some had much more. Is your child going to be prepared to take that kind of debt on?
Did you know that in Massachusetts, New Hampshire and the New England area generally, the average total student budget for tuition, fees, room, board, and supplies is close to $21,000 each year? Tuition alone averages about $13,400 per year nationally. With inflation that’s more than $80,000 by the time you send ONLY ONE child to school – to an in-state school! For out-of-state or private schools the price tag is even higher.
Most of us don’t have that kind of money lying around. So, I’ll ask again: What’s a parent to do? Get educated about your options and be an informed consumer.
The reality is that there are really two prices for college: One for those who are informed and have a map through the minefield and the other for everyone else.