Saving for College: How Much Will It Cost?

By Christina A. Karas

Education funding is a hot topic. It’s important to have a solid saving strategy to pay for college. But are you saving enough? You can start by getting a better view of the bills you might expect as you support your student through higher education.

Start early

It’s important to start saving for college as early as possible. Your Financial Advisor can be an important resource by running an education cost analysis for you and helping you look for strategies for college investment plan.

Start by looking at how much you might want to save each month, then begin putting money away early.

Where will your money go?

Costs will vary, depending on  where your child attends school and where he or she will live while attending school.

• The big bills

Visit the websites of prospective schools early to get an idea of costs and options. Your alma mater is a great place to start. Don’t forget to review fees for things like health care and transcripts.

• Campus life

Now look at the costs for books, entertainment, activities, sports, and dues. Don’t forget fraternities, sororities, and clubs.

• Transportation

If your child chooses a school far away, add airline tickets to the budget. If they are attending school closer, add gas, insurance, licensing costs, maintenance, and a car.

• Independent living

Some schools allow students to live off campus at any point, while others have requirements for students to spend time in the dorms. If your child chooses housing off campus,  there will be bills for rent, utilities, food, and transportation.  Even if they live at home, there will be costs for transportation and activities.

Don’t get overwhelmed

As you child enters high school, thoughts of college may begin. Decisions will begin to be made and the many choices can be overwhelming.

Work with your child’s school counselors and other advisors to work through the options.

This article was written by Wells Fargo Advisors and provided courtesy of Christina A. Karas, Vice President-Investment Officer in Boca Raton, FL  561-394-7561.

Wells Fargo Advisors does not render legal or tax advice..

Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.