I’m pretty sure that between my siblings and me, everyone at one point has been paying student loans at the same time we’re saving for college for our kids.
Welcome to our new American reality! Loaded with loans, yet trying to prep to pay for the next generation. And we thought paying for our educations was rough, I ran through some numbers for my two-year-old daughter’s future and needed some mild resuscitation before confirming my savings strategy. If she goes to a four-year private institution, we’ll need nearly $400,000 to get her through. If she goes public, we’re still looking at $150,000. (See what your kids’ college-price-tag may be here.) But there is no doubt that good planning and an understanding of a very complicated system of saving for college and getting aid can earn and save you thousands.
Follow me around the web to find money to pay for college: To shop around for 529 programs and find out more information on these tax-friendly tools, as well as their cousin, the Coverdell ESA, head to SavingforCollege.com. And to scour for ways to apply for and find ‘free’ money with grants and scholarships, make sure you visit FinAid.org.
And watch on Wednesday when we talk about where to get the best value in education—you may be surprised!