When To Save for College
Any amount you save will pay for a portion of your child’s future college costs. College costs can include tuition and fees, room and board, books, and other living expenses. The earlier you start saving, the more money you will have saved when your child starts college.
Students accepted to college will be awarded a financial aid package, based on their eligibility, that can include grants, loans and work-study programs. Even with the financial aid package, nearly half of all students have unmet needs within the total cost of attending college. (The Cost of College, CPPP, 2012)
Savings help can close the gap between financial aid and the total cost of attending the college.
This chart provides a general idea of how a monthly savings plan can grow over time and the amount of savings available when the child turns 18.
Regardless of your child’s age, now is the time to start saving for a college education!
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