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IT’S NEVER TO SOON TO START PLANNING

Whether the child in your life is 13 years old, 10 months old, or due any day, it’s never too soon to start planning. Thinking about the costs involved in a child’s education can be overwhelming, but the earlier you begin saving, the longer your money can work for you. Making prudent investment decisions can also make a big difference.

Help Make College Dreams a Reality

Once upon a time, college was a dream some parents had for their children and a goal youngsters might have for their future. That was then. Today, college isn’t just a dream; it’s practically a requirement. According to 2021 U.S. Bureau of Labor Statistics, workers with a bachelor’s degree had a median annual wage that was twice as much as high school graduates. Those holding a bachelor’s degree have historically experienced a much lower unemployment rate. *1, *2

Unfortunately, this greater earning potential is coming with an ever-increasing price tag. Today, the four-year cost of many private colleges is well over $100,000, according to the College Board. With tuition and fees rising almost 7% annually, the cost of a four-year education in 2035 could top $417,000 for a private school and $212,000 for a public school. *3, *4, *5

A college education for your child or grandchild is still attainable, but it is not automatic. The good news is, there are strategies that can help make it happen.

Education Planning Tools

Although the obstacles may seem numerous, there are ways to begin saving for a college education. Today, education savings vehicles are plentiful and diverse, with a broad range of tax benefits and consequences, financial aid implications, contribution limits, and asset flexibility.

*1. bls.gov/emp/education-summary.htm (April 12, 2021)
*2. bls.gov/emp/chart-unemployment-earnings-education.hm (April 21, 2021)
*3. research.collegeboard.org, “Trends in College Pricing and Student Aid 2021” (October 2021)
*4. educationdata.org, “Average Cost of College and Tuition” (August 15, 2021)
*5. bigfuture.collegeboard.org, “College Cost Calculator”


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