Saving for College
College funding begins with saving. But how much should you save—and how?
The College Board® reports that the average published tuition and fee price is 40 percent higher in 2015-16 at public four-year institutions than it was in 2005-06, with an average published cost of $9,410 for in-state students. That said, if college tuition and fees were to increase by 5 percent per year, in ten years you can expect to pay over $62,000 over four years at a public college, and considerably higher for four years at a private college.
While college costs continue to rise, the good news is that there are many smart, tax-advantaged ways to save for college. We’ll help you navigate your college savings options, and provide tips and tools to help you make a college education an affordable choice for you or your child.
- Common Features of 529 Prepaid Tuition and College Savings Plans
While they differ in a number of respects, 529 prepaid tuition plans and 529 college savings plans share a number of advantages and features.
- Know the Cost of College Loans
For many students and their families, loans are a reality of higher education. It’s important to know their costs.
- College Tax Credits
The American Opportunity Tax Credit and Lifetime Learning Credit offer two ways to reduce your taxes while paying for college.
- Glossary of College Savings Terms
Learn the vocabulary of saving for college with our glossary of key words and concepts.