Does Your Child Have Enough Money For College?

Does Your Child Have Enough Money For College?

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What to do after high school is a question on the minds of every parent and child around most of the world. Is it best to look for a job or to secure a higher education? Some form of post secondary education is almost mandatory if a comfortable and enjoyable lifestyle is sought.

The earnings of those with a bachelor degree are approximately 70% higher than the earnings of anyone with just a high school education. A two-year associate degree alone can make a difference when it comes to earnings.

More than 50% of high school graduates seek some type of higher education. This means that at some point desirable jobs will be harder to secure. A college graduate will be twice as likely to be eligible for many job opportunities.

A college education is not cheap, and you might wonder where the money will come from. But then, how can you afford to not send them? Ideally, an education fund should be started before your children are even born. Let's consider the amounts, shall we?

It's cheaper to go to a college or university in the state where you live. Out of staters pay more if going to a public/state supported school. The tuition for private schools is about the same for residents and non residents.

The basic expenses estimated for one year of college include the tuition, books and supplies, miscellaneous and personal expenses, and room and board. The estimated amount in 2008 was calculated at about $18,000. This cost is expected to jump to $22,000 by the year 2010. Figure on three to five thousand dollars more for out of state students and twice that in a private institution.

The lion's share of that total goes toward room and board. If the student lives at home, the amount would be a lot lower. Tuition and fees are the next expensive portion, and there is little one can do about that. Books, supplies and transportation account for the rest, and corners can be easily cut to make things more affordable.

The area you live in, and lifestyle have an impact on how much these costs vary. If the child attends a school which is really far from home, transportation expenses must be factored in.

With the rising cost of gasoline this could be a major expense. Don't forget to factor in clothing, food and entertainment expenses, and even, maybe, a computer.

This data is calculated on the example of attending 4 years of traditional college, but it might be a good idea to also consider community colleges and technical schools, which are usually more affordable. For some students they might even be better.

It's hard to estimate how much college will cost several years down the road, but you should estimate an increase of about 10% a year. Search around. You might be able to find the same programs in different schools which could be more or less affordable. One thing you can count on is that money spent on education is always money well spent.

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