If you have children and any sort of aspiration for them, then you’ve probably thought you should be saving towards paying for college for them. But the facts are showing that people are doing little about it or perhaps just trying to avoid the issue.
It’s not really surprising, in the current economic climate, many feel fairly lucky simply by just paying their bills and keeping a roof over their family’s head. Investing money for the possibility that your children would like to go to college ten years from now is something that’s easily put off.
Unfortunately in order to make building a college fund affordable then it’s important you start as early as possible. It’s not as if the value of a college education is diminishing, most reports and surveys show that it’s still one of the best investments you can make for your child.
So are Americans saving for their children’s education? Well at the moment the average saving fund for a US citizen for the dreaded college fund is about $15,000 which is certainly up from a few years back when the recession cut levels to around $11,000. Unfortunately this is not enough to finance most college courses.
The problem is that many parents don’t really do the sums, they just try and save. However when you start adding up the costs of tuition, room and board, vpns, books and supplies the total cost can be extremely surprising. Which is why that the reality for most students is leaving their college and graduating with some level of student debt. But the reality is the more you save the lower that debt is likely to be, which can make a huge impact on your children’s future.
Graduating with a few thousand dollars in debt is much more manageable than the thirty thousand dollars plus that many students find themselves having to borrow to complete college. Many students are additionally considering completing their education abroad, with technology available today you can invest and the best vpn software products can help kids to keep in touch and often the cost of education can be significantly lower in some countries.