According to a July 2011 Fox Business News article, the median income in the United States has held steady around $33,000 since 1998, while college tuition has more than doubled. Such a trend means that even if you have just one child enrolled in college in 2031, the price tag for the average college degree could be around $353,000.
This projected figure is based on a student attending an out-of-state public college for four years. Before you collapse from sticker shock, however, remember that most parents don’t end up covering the full costs of college tuition.
Planning, budgeting and understanding the many ways to save for college and receiving financial aid can help reduce anxiety and ensure that your youngsters will achieve their higher education goals. Your goal as a parent should be to save a portion of college costs, not the entire amount.
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