Question - My son got in Early Decision to a very expensive college and he accepted. I only have saved $80,000 and the school will cost $60k+ each year. What are the options to fund this? He didn't get scholarships and I want him to avoid loans. Help! Keep reading to see my Answer.
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High school students are about to graduate. In some respects its been a long 18 years getting to this point. In other respects, the time has surely flown by quickly. Hopefully, not so quickly that you haven't prepared for the next chapter in your child's education - college! Yikes, according to the CollegeBoard's most recent data, the average college costs more than $36,000 per year (tuition, room & board, and other expenses). In-state college costs are typically lower, but many private schools cost $60,000 or more! Scholarships, grants, and financial aid are all great ways to lower costs, but not every student will qualify... so it is imperative for parents to start saving early and a 529 plan is a great place to start. Check out the link below for some common myths about 529s.
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