College Funding

Affording College
When it comes to attending college, your child has what it takes. But will you?

According to the The College Board, costs including tuition, room and board, books and fees, will total $31,427 at Chapman University in Orange, Calif., and $12,783 at Charles Drew University in nearby Los Angeles. A year at Yale will top $35,670, and Harvard might run you $36,200. For an in-state student, Western Washington University will cost $11,784 a year.

And what about pizza with friends, transportation, activity fees, the weekend dance, and tons of other items we all know will be part of campus life.

And that is just this year - what about next year? The College Board also reports that over the last ten years, college costs have risen an average of 6.7%. That may not seem like a significant increase, but if your child is 9 years old right now, a $10,000 per year cost today balloons to nearly $18,000 per year at the current rate of increase.

The quarter-of-a-million-dollar question is: Will you be ready when it's time for your child to enter college? Here's how to prepare:

First: Do Your Homework

By having a clear understanding of college costs and the best resources to use for your son or daughter, you will be able to make the right decisions. We have compiled a list of resources for you to assist you through this difficult decision.

Understanding The True Cost of College - A recent survey reports that the average family pays 30% of the typical public college costs. Money Central says, "A college education is expensive and frightening, but with some forethought about what school your child might attend, you can afford it." Be sure to see Tuition Savings Calculator

Breakdown Of College Costs - Where does all that money go? Here's a sample breakdown of typical college costs, for a private four-year college and a public four-year college in-state.

Fees and Expenses - A simple but interesting comparison at the University of California (Berkley) for living on campus, off campus, and at home.

College Planning Tool - A detailed worksheet for college budgeting.

Housing Options For College Students - About's own Apartment Living offers some sage advice when considering living on or off campus.

Second: Choose From Multiple Investment Solutions

Invest a lump sum, all at once ... and take advantage of compounding power. The earlier you start, the greater your growth potential.

Invest regularly, a little at a time ... and take advantage of "Dollar Cost Averaging." Buying more shares when the price is low and fewer shares when the price is high can make the overall cost of the shares lower. Investing regularly doesn't assure a profit and does not protect against loss in declining markets. It involves continuous investing despite fluctuating prices. So you need to consider whether you can afford to invest over a long period, and during times of low price levels.

Third: Choose Which Investment May Be Right For You

Making the right investment choices could make the difference between having enough college savings or coming up short. Over the long term, stocks have come out on top, while bonds and bills have barely surpassed inflation. Of course, past performance can't promise the future and the amount of time you have before needing the money is crucial to your decision.

To ensure the education you want for your child or children is achieved, let us map out a plan to help you get there. Simply fill out our contact form and we will set up an appointment for you.

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