Parents and their children ponder the same question throughout most of the world: what to do after high school graduation. The choice is now between finding a job or getting more qualified through college. If one is planning to have a decent and comfortable life, higher education is pretty much a requirement.
Unlike previous decades, more than half of recent graduates in the United States engage in some type of schooling after high school. Consequently even the jobs, which had been getting filled up by those who have completed only high school education, are now asking for college graduation.
The difference in the earnings between a college educated person and a high school education is about 70% more. Those qualified with two year diplomas even get much more than high school qualifiers. Those years are a small investment compared to a child's life time earning potential.
The problem is that the university education is very costly and whether you will be able to afford to afford it for your child. But then, how can you afford to not send them? If possible, you should start thinking of saving money for college education even before the birth of your. Lets take a look at how much money we're talking about.
It's cheaper to go to a college or university in the state where you live. Non residents are required to pay higher tuition amounts than state residents, if they attend a public school. However, private universities mostly have the same fee structure for both residents and non residents.
The estimated cost for each year of college is based on tuition, room and board, books, supplies and living expenses. This usually would cross about twenty thousand dollars for most universities. Anyone wishing to estimate the costs for out of state students would need to add about three to five thousand more dollars to the total bill, and students wishing to go to a private school would need to double the amount. You may get some relief with scholarships, but that would be only a fraction of the bill.
The expenses on stay and food consumes a large portion of this amount. So, if the student can eat and live at home that would be a huge savings. The next largest expense is for fees and tuition, something that is rising as fast as medical costs. Books, supplies and transportation account for the rest. There are ways to save on those with sales, used books and public transportation.
These costs are different depending on where you live and what type of lifestyle the student makes his own. If the child attends a school which is really far from home, transportation expenses must be factored in. With the price of gas continuing to increase, this expense could be astronomical. You may also have to cater for a computer, depending on the course, along with other expenses for food, entertainment and clothing.
These are the usual anticipated expenses for completing a four-year degree course, but you can find technical schools and community colleges where expenses are lesser. Some students may even find them more appealing.
It's hard to estimate how much college will cost several years down the road, but you should estimate an increase of about 10% a year. Undertake some research yourself. If you find that setting up a fund for future education of your child is not possible, then opt for a savings account. You may also have a look at the local 529 plan and consider whether it can help you to avail some tax savings. It is assured that your investment on studies will pay you back in a great way.
Unlike previous decades, more than half of recent graduates in the United States engage in some type of schooling after high school. Consequently even the jobs, which had been getting filled up by those who have completed only high school education, are now asking for college graduation.
The difference in the earnings between a college educated person and a high school education is about 70% more. Those qualified with two year diplomas even get much more than high school qualifiers. Those years are a small investment compared to a child's life time earning potential.
The problem is that the university education is very costly and whether you will be able to afford to afford it for your child. But then, how can you afford to not send them? If possible, you should start thinking of saving money for college education even before the birth of your. Lets take a look at how much money we're talking about.
It's cheaper to go to a college or university in the state where you live. Non residents are required to pay higher tuition amounts than state residents, if they attend a public school. However, private universities mostly have the same fee structure for both residents and non residents.
The estimated cost for each year of college is based on tuition, room and board, books, supplies and living expenses. This usually would cross about twenty thousand dollars for most universities. Anyone wishing to estimate the costs for out of state students would need to add about three to five thousand more dollars to the total bill, and students wishing to go to a private school would need to double the amount. You may get some relief with scholarships, but that would be only a fraction of the bill.
The expenses on stay and food consumes a large portion of this amount. So, if the student can eat and live at home that would be a huge savings. The next largest expense is for fees and tuition, something that is rising as fast as medical costs. Books, supplies and transportation account for the rest. There are ways to save on those with sales, used books and public transportation.
These costs are different depending on where you live and what type of lifestyle the student makes his own. If the child attends a school which is really far from home, transportation expenses must be factored in. With the price of gas continuing to increase, this expense could be astronomical. You may also have to cater for a computer, depending on the course, along with other expenses for food, entertainment and clothing.
These are the usual anticipated expenses for completing a four-year degree course, but you can find technical schools and community colleges where expenses are lesser. Some students may even find them more appealing.
It's hard to estimate how much college will cost several years down the road, but you should estimate an increase of about 10% a year. Undertake some research yourself. If you find that setting up a fund for future education of your child is not possible, then opt for a savings account. You may also have a look at the local 529 plan and consider whether it can help you to avail some tax savings. It is assured that your investment on studies will pay you back in a great way.
About the Author:
I have been a bedding salesman for just over seven years but also contribute to the site mattesscoupons.net where you can find the best mattress coupon around. Check out my resource on bedroom furniture or mattress coupons to save money before you buy your next bed.
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