Why Save for College
A college degree is a valuable investment in a student’s future.
Before you even begin saving for college, it’s important to understand just how valuable a college degree can be. According to the College Board1, a college graduate is more likely to:
- Be employed. Graduates (including those with associate degrees) have lower rates of unemployment than those with no degree.
- Earn more money. Over a 40-year full-time career, the median earnings of bachelor’s degree recipients are 65% higher than those of high school graduates.
- Have a better quality of life. College graduates have healthier lifestyles, are more politically active, interact more with their children, and are more likely to move up the socio-economic ladder.
Determine the future costs of college with the College Planning CalculatorSM. It’s a free tool that guides you through creating a college savings plan, as well as evaluating other ways to pay with those future college costs in mind.
The value of saving
Start saving for college as soon as you can. As with any major expense, the sooner you start, the more time you have to save. Plus, you’ll be ahead of many other families. According to the study “How America Pays for College,” only 50% of families are saving for college; among those savers, 30% have no specific goal.[[Footnote="How America Pays for College, Sallie Mae, 2013"]]
Know your savings goal
Create your plan to save for college. The first step is deciding how much of the total cost of college will come from savings, so it’s important to set a realistic goal.
The College Planning CalculatorSM helps you determine the future costs of college and guides you through creating a college savings plan, as well as evaluating other ways to pay those future college costs in mind.
Was this page useful?
Tell us more