The regular school year will be starting in the next few weeks or may have already started for some students. The summer is virtually over as we see kids and young adults go back to elementary, middle schools and high schools. They will be sitting in classrooms throughout the area. Many parents are out shopping for clothing and supplies for their children which should be a reminder of another type of planning.
It’s never too soon to start saving for your children’s or grandchildren’s college or other educational plans after graduation. The figures reveal that the cost of college in the last 50 years has more than tripled.
Here are the statistics per year in 2016 dollars: In 1967 tuition and fees for a Private Nonprofit Four-Year was $10, 680; for a Public Four-Year $2,600; and for a Public Two-year institution $1,190. In 2017 Private Nonprofit Four-Year education is $33,480; Public Four-Year cost is $9,650 and Public Two-year tuition is $3,520. With trends like these the future will only be more expensive.
To avoid saddling the graduate with burdensome student loans, families need to start saving early to create investments that will help or completely cover these sky-rocketing costs. And that takes planning and saving. A Certified Financial Planner (CFP) can help you plan for these expenses which are a critical factor in your children’s success.
Les Merritt has been helping families for years to plan for future events whether they be graduation, marriage, retirement or other happy occasions. Les understands that planning can alleviate worry about these expenses and build a nest egg to prepare. He also understands that this has to take into account current earnings and budgets.
You can be ready for this large educational investment in your children’s future but you have to start early. Call Les Merritt today at (919) 269-8553 to set an appointment and discover what you can do today to start saving.