How Much Should You Save for College?

Are you trying to figure out how much to save for your child’s college education but don’t know where to start?

Financial experts say a number of factors can and should be taken into consideration — from the type of school your child might attend to how much he or she may be able to contribute once they are older through work or scholarships.

Even inflation can have an impact on that “magic number” you set for your savings goal.

“The important thing is to start planning now,” said South Carolina Treasurer Curtis Loftis.

Unlike retirement or other savings goals, saving for college often has a shorter window of time, Loftis said.

“Either way, opening a Future Scholar College Savings Plan is the smart, easy way to begin saving,” Loftis said.

To learn more on planning your “magic number” read on: http://www.csmonitor.com/Business/Saving-Money/2016/0826/Here-s-how-much-you-should-be-saving-for-college