{"id":10891,"date":"2021-09-07T08:03:54","date_gmt":"2021-09-07T12:03:54","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10891"},"modified":"2021-12-01T06:50:20","modified_gmt":"2021-12-01T11:50:20","slug":"planning-for-college-financially","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/planning-for-college-financially\/","title":{"rendered":"Ten Ways Parents Can Financially Plan for Their Child’s College Education"},"content":{"rendered":"\n

Life\nchanges radically upon the arrival of a baby. While a baby does stand true to\nits moniker of \u2018a bundle of joy\u2019, there is no denying that there is a spike in\nexpenses. A major expenditure in the upbringing of a child goes towards the\nchild’s education. No parent wants to compromise on their child\u2019s education. A\nrecent survey found that 53% of the parents surveyed listed saving for their\nkid\u2019s college as a top financial priority. Educational institutions too have\nharped upon this evergreen demand to flush the market with innovative\neducational \u2018packages\u2019 and options. The obvious result has been that the cost\nof education has shot through the roof. <\/p>\n\n\n\n

The cost\nof education in the US has increased nearly three times in the last three\ndecades. According to the nonprofit College Board, the average in-state cost\nfor a single year at a four-year public college or university in the US for\n2019-2020, including fees, room and board, was $21,950. For students attending\nan out-of-state public college, that figure jumps to $38,330. For a private\ncollege, it was $49,870. The monetary load on the parents in the wake of such\nappalling costs cannot be underplayed. <\/p>\n\n\n\n

A Sallie\nMae report states that 8 out of 10 parents reported that they are willing to\nstretch themselves thin in order to give their children the best of available\nopportunities. 92% said they believed college savings is an investment for\ntheir child\u2019s future. However, less than half of the people who participated in\nthe study had a solid plan to pay for college. <\/p>\n\n\n\n

College experts too emphasize on planning well and beforehand to meet rising education expenses. Moreover, hiring a financial advisor<\/a> to help plan your expenses can go a long way in easing financial worries for parents. Remember that the onus is on parents to plan holistically and start saving at the right time to secure sufficient funds to cover the high education costs. <\/p>\n\n\n\n

Here are the ten most effective ways that parents can\nfinancially plan for college:<\/strong><\/p>\n\n\n\n

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Table of Contents<\/p>\n