Start Early
It's never too early to start planning how to pay for college. Some parents open 529 plans when children are born. Others put away a little bit each month. Even if you haven't done these things, there's no need to panic. Just as it's never too early to start, neither is it too late. There are many things you can do to get ready for paying for college. In fact, that's just what this site is all about.
Start the process as early as possible. It's never too early to start, but it's good to remember it's also never too late.
A recent survey by First Marblehead revealed that less than one in five families (18 percent) had saved more than $25,000 in total for college by the time students had entered their freshman year. That statistic is startling when considering the average cost of tuition and fees at a private, four-year college is over $22,000 per year, excluding room and board. Start family discussions about how to pay for college, such as the 529 Plan, as soon as you begin to talk about academic and career goals.
The amount of federal funding has stayed the same since the late 1970's. The current gap between what the government offers and what college actually costs has risen to $122 billion. That's more than $11,000 a year per student at a public 4 year school, and over $28,000 for a private school.
That's why it's even more important than ever to start early and become a smart borrower!
Education Calendar
Important dates to reference throughout the college financing process.
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