Babies & Kids Blog » Start Saving Now for College Tuition

I read a pretty “sad” article this morning from the ChicagoTribune.com which discussed a survey that found that today parents are saving less for their children’s future college tuition than they were last year.  According to the “The State of College Savings” survey: 

“This year was bleaker than last year for college savings, according to the report, which surveyed 800 parents. Forty-three percent of those who responded said they have saved nothing at all, compared with 27 percent last year.”

Now, grandparents have either been asked or have stepped up to the plate themselves to help pay college expenses.  There could be a number of reasons why parents haven’t been able to or do not save for their children’s college tuition.  Some parents may not value a college education as much as others, so if their child wants to go to college, it’s up to them to find a way to pay.  Some parents may not have the means, especially considering the current state of the economy. 

This was also troubling:

“Estimating that tuition and board will increase 5 percent annually, the projected cost of college in 15 years will be more than $100,000 for a four-year public college and more than $200,000 for a private college, according to the survey.”

Yikes! Here I thought my elementary private school education was pretty pricey.  I have some cousins who attend the same school I went to who’s parents are paying thousands more than my parents were paying back in the day. 

Sadly, money rules the world and having a college education these days seems vital with the competitive job market.

You should really read the entire article here.

Image Source