And as parents, we love and want what's best for our kids.
Raising a kid in today's society isn't easy. There's all kinds of new dangers that we have to watch out for that our parents didn't.
One of the biggest concerns to this generation of kids is the rapidly rising cost of College.
According to Forbes a $10,000 College Education in the year 1986 would cost $59,800 in 2015.
That's over 2.78 times the Inflation Rate!
The Good News is: That's not stopping kids from attending college. As more students than ever before are pursuing higher education. The bad news is: They're being forced to pay for their tuition with borrowed money.
And today's college graduate is striking off into the real world:
Bright Eyed, Bushy Tailed and already buried in an average of $35,000 of Student Loan Debt.
Now $35,000 sounds like a lot.... but not entirely unmanageable right? After all, they have their whole career in front of them. And plenty of time to pay it back.
A Recent Student Study by Limra found that a college graduate with $35,000 student loan debt, would end up with upwards of $350,000 less in savings when they reach retirement. That extra time they spent paying interest in their debt rather than earning it in savings adds up in a big way over the long haul. So we know that saving for college is important...
But what's the best way to go about it? Certain financial Vehicles have been created specifically for the purpose of saving for college cost. Like the popular 529 Plan, CSA, UTMA, IRAs, Education Savings Bonds, the list goes on and the choices can be overwhelming.
It's critical to understand your choices and the advantages and disadvantages for each option.
A little planning now, can ensure that your future college grad, will have a valuable leg-up with his peers.
For more in depth comparison of some of the different tools available to you. Consult a Professional Financial Advisor today by clicking: >>>HERE<<<
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