Parents! Do you have children getting ready to go to college either this year or shortly thereafter? The average cost of the 2015-16 school year is $32,405 for a private college, $9,410 for state resident of a public college and $23,893 for out-of-state residents.
If you had begun a college savings account when your child was born, you needed to save $4,608 per year for the first 18 years of your child's life and then get 5% interest to save up $129,620. But if you wait or waited until they were 10 years old, the price per month goes up to $13,574 per years to have enough. If you planned ahead then saving the money you need in the time alotted would work, but if you didn’t plan ahead then saving that sum of money can seem daunting. CONTINUE READING--->