College Planning
Supporting Your Children's Future
It is a daunting question at best. “How will I be able to afford to send my child to college?” You want the best for your child. You know that it is imperative that they attend a great college in order to succeed in the world today, but with tuition going up every year this goal seems even harder to obtain.
From historical estimates, college tuition will increase by 6% each year. This means that if your child is 10 years old, college tuition could be 59% higher when they reach the age of 18. If your child is 1 year old, college could be 169% more expensive then if they attended college today. If you are interested in seeing how much college is going to cost, please click on our Tuition Calculator
Early College savings + College Tuition = No tuition worries
With all of this said there is still a way you can afford your child's tuition. The fact is, the sooner you start saving for college, the lower the amount of savings you will need each month to reach your goal. In normal situations a parent that starts saving for college when their child is 1 year old has to devote 233% less each month to savings then if they waited until the child was age 10 to start saving for college.
West Financial Services can help you set up a college savings solution that will allow your child the opportunity to attend college without accumulating a financial burden during and after they attend. We will be able to describe the differences between each college savings plan, and tailor a college saving solution for your exact situation. We will analyze 4 key factors that will help us set up your college savings plan:
Factors for Future College Tuition
College can be expensive and overwhelming for both parents and children. By planning for college when your children are young it will ease a naturally stressful time in both of your lives. By planning early it will remove your child's worry about paying for tuition and allow them to focus on their school work. It will also allow you to enjoy this monumental time in your child’s life while supporting them emotionally and financially. But most important, you will provide your child the ability to attend college without accruing a large amount of financial debt in the process.
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