Wondering How Much You Should Save for College? Don’t fret – you’re not alone!
September 26, 2017
While trying to figure out how much to save for your child’s college education can be stressful, the good news is you’re not alone.
“I get asked that question quite a bit,” said South Carolina Treasurer Curtis Loftis. “And while the amount of money you should be saving is different for every family, there are a few tools that can help you get started.”
The “2K Rule of Thumb,” for example, can provide you with a rough estimate if you just want a quick “back of the envelope” figure.
To use the guideline, simply multiply you child’s current age by $2,000. The answer should give you an idea for how much you should have saved at that point to cover 50% of the cost of attending a four-year public college.
The real number may be more complex, Loftis said, and depend on a number of factors such as where your child is planning to go to school, if your child will attend an in state or out of state college, and if he or she may qualify for scholarships, grants, or other forms of financial assistance.
“The important thing is not to let the fear of the unknown stop you from getting started,” said South Carolina Treasurer Curtis Loftis. “The sooner you can start saving for college today, the more you can lessen their burden tomorrow.”
For more information on saving for college visit www.businessinsider.com/how-much-do-i-need-to-save-for-college-2017-7.
To learn more about Future Scholar visit www.FutureScholar.com.