Future college tuition skyrockets
POSTED: Tuesday, September 21, 2010 - 5:59pm
UPDATED: Tuesday, September 21, 2010 - 6:00pm
Children born this year will pay over 100k
Expecting mothers have a lot of different things on their mind - which crib to buy, the color of the baby's room. But chances are, their child's college tuition fees is not one of them!
College lender Sallie Mae expects total college tuition for a child born this year to be around $175,000 and that's just for a public school.
For private schools - $365,000.
What's even more unsettling - Sallie Mae predicts the average American family will have only saved around $48,000 by the time their child is ready to get a college education.
Ashley Smith is an expecting mother and a registered nurse in Jacksonville. Her parents set up a Gerber fund for her which helped pay for some of her college expenses.
"I think that I would follow my parents footsteps and try to find a program that I would be able to save money so it is there available for them when the time comes that they need it," Smith said.
Most college experts agree with Ashley- that the best way to save for your child's education is to get a trust fund together and not touch it until the time is right.