Planning for Your College Savings Needs
The importance of higher education has only risen in the past decades, with more and more jobs requiring a college degree to even be considered. According to the U.S. Census Bureau, those with a bachelor’s degree will earn nearly twice as much over the course of their lifetime as those who only have a high school diploma. This means that rather than facing the choice of whether children should attend college, more and more parents are instead faced with the decision of how they will pay for it.
Unfortunately, college doesn’t come cheap. Newsweek reports that college costs, averaged for public and private universities, now constitute 40 percent of the U.S. median household income (using 2012 data). However, that doesn’t mean that you’ll end up bearing the brunt of all 40 percent, or even that the percentage will be that high for your child.
With scholarships, grants, loans, and, most importantly, a solid college savings plan, you can greatly reduce the burden of paying for college. It appears that American parents are doing just this, as parents’ average out-of-pocket spending has actually declined from $8,752 in 2010 to $5,727 in 2013, according to Sallie Mae. Learn how to work with your TrueNorth Wealth advisor to establish a college savings plan that meets your financial needs. We are available at 3 locations across Utah, in Salt Lake City, St. George and Logan for your needs and easy accessibility.