The average cost of an education increases each and every year. For many individuals, paying for their children’s’ educations can cost them 100s of thousands of dollars. The average cost of a private education in 2008-2009 was $25,143, and this number is increasing each year. Unfortunately, many individuals feel it is necessary to deplete their retirement savings to pay for the education of their children. Fortunately, there are intelligent ways you can adequately prepare for and reduce the large expense that is paying for an education. Explore the resources below to determine how much money you could potentially save.
- http://www.collegesavings.org/index.aspx one great way to make sure you don’t have to deplete your retirement savings to pay for college is beginning to save early. Find information on each state’s 529 savings plan at this link and learn the many benefits of putting money away in one of these plans.
- http://www.morningstar.com/529/529Table.html find information from Morningstar on the performance of each 529 plan so you can pick the finest plan.
- http://www.students.gov/STUGOVWebApp/Public?topicID=20&operation=topic provides information on a slew of great educational resources available from the government. Find information about government grants, work study and other types of aid that can reduce the cost of your education.
- http://www.students.gov/STUGOVWebApp/Public?topicID=16&operation=topic contains an impressive index of scholarships available. A little work can save a huge amount of money.