College Planning

One of your savings goals might be to help your children, grandchildren, or other students you know pay for a college education. As tuition costs increased at a rate greater than inflation over the past 20 years,¹ it's important to think strategically about college planning.

Be sure to max out your retirement accounts first, then prioritize and contribute to other savings goals, such as helping relatives pay for college. 

If the cost of college continues to rise along its historical trend, newborns will need approximately $275,000¹ to attend a four-year, in-state public university, and over twice that to attend a private school.

While this figure may seem high, remember that saving for college is like saving for retirement—by starting early, investing regularly, and contributing as much as you can, you give yourself the best chance of success.