Saving for College Expenses

by Jeff C. Johnson

The first day of fall semester classes is weeks away, but the tuition and housing bills are probably due, if they haven’t already been collected.

Parents and guardians of college students are familiar with this timeline, but if you are yet to send one of yours off to a university campus, consider the future bills your student (or you) will have to shoulder. My estimate of a year at university is in the range of $20,000 (if you’re lucky) to over $50,000 for elite colleges.

There are tax-advantaged accounts that soften the cost of educational funding, and you should familiarize yourself with these tools in addition to developing some projections of costs and account accumulations.

In my book, The Eight Points of Financial Confidence, you can learn more about college funding. Or you can also speak with a professional financial adviser or search the internet for details on college savings accounts that are available to residents of your state.