Saving for College
If college is ahead for your child, one of the most important things you can do is to start saving now.
The sooner you do, the more you can help them on the road to paying for their higher education. Don’t assume financial aid will cover total college expenses. Perhaps you’re thinking, “Our student will get scholarships and financial aid to cover the total cost of college, right?” According to a study by Sallie Mae, “How America Pays for College1,”
- Scholarships and grants cover about 30% of total college costs.
- Parents’ income and savings account for another 27%.
You don’t have to pay sticker price for college
To figure out how much will be needed to pay for college, you need to know the cost of attendance (COA). Each school determines its annual average COA by estimating the tuition and fees, room and board, books and supplies, transportation, and personal expenses you will need for the academic year. There's more to the cost of college than just the sticker price.
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