College Planning
Of all the gifts you give to your children, none may be as important or as valuable as a college education. But, paying for a child’s college education can be a financial challenge.
According to the College Board, the average cost for a four-year private university during the 2006-07 academic year was $22,218, up 5.9% from the previous year. The average price tag at a four-year public university was $5,836, an increase of 6.3% from 2005-06. And, chances are, college costs will continue to rise at a faster rate than inflation, which was 2.4% in February 2007 (calculated on a year-over-year basis).
These figures underscore the importance of starting a college-savings plan sooner, rather than later.
