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College Financial Planning and Management

Budgeting for an education: The costs of college continue to go up each year, which means you’ll need to save even more for your child’s education just to keep up. For the 2003-2004 school year, public colleges and universities increased their tuition and fees by an average of 14.1% over last year’s costs. That’s more than four times the rate of inflation.

Student Loans: After your home, the largest expenditure you ever make in your life may be for a college education. Costs at some colleges and universities now top $30,000 a year. On the other hand, the value of the education can be many times that amount; a college degree adds hundreds of thousands of dollars to the lifetime earning capacity of the average high-school student.