Nichols Wealth Advisors

College Planning

“If you fail to plan, you are planning to fail.” This quote, attributed to Benjamin Franklin, makes me think of the way many families approach paying for college.

The cost of college can include a variety of items including some you might not expect. By understanding college costs, you can compare schools and explore options for how to lower your costs. For most families, the words “planning” and “retirement” go hand in hand, and for good reason. The amount of money you need to provide enough income throughout your golden years can be enormous. But so can the cost of putting your children through college. However, many parents simply aren’t planning for it.

Making A Difference In Your Life

According a recent study from the College Board, the average cost of a year of private school in the U.S. is now $43,921, including tuition, fees, and room and board. Of course, not every student will attend a private college, so not all families will need to save quite so much. However, even for a less expensive education, it’s important to plan.

Developing a strategy to address future education expenses should be a priority, and it should coincide with your retirement planning. Just as with retirement planning, the earlier you start, the better. Parents can prepare in different ways at every stage of their child’s life.