The first step in college saving is to create a plan.
According to The CollegeBoard, in 2020-21, average estimated budgets (including tuition and fees, room and board, books and supplies, transportation and other personal expenses) for full-time undergraduate students range from $26,820 for public four-year in-state students to $43,280 for public four-year out-of-state students and $54,880 for private nonprofit four-year students. These figures do not include any financial assistance in the form of tuition grants or financial aid.
The most important element in your search for a college is to determine your child’s needs, and find a college that both you and your child feels is a good fit academically and socially.
Ways to save for college come in a variety of choices:
Just putting money away for any goal without a plan is not unlike getting in the car and just driving: if you don’t know where you are going, you will never get there.
While you don’t have any idea of what college your 2 year old will attend, you can’t dispute the facts: saving early and diligently can only create a better case scenario than a worst case disaster.