Dear Borrow Smart Family,
Happy Monday! A few weeks ago I shared with you Part 1 of Paying for a College Education; see my previous post here.
We know that tuition costs can be prohibitively high; they have risen roughly 5% year over year, for the last ten years. As a parent, I wanted to record this to help other parents or future parents, begin the planning process of helping your children to afford a college education. The first step to really beginning the conversation, is to decide as a family what you plan to contribute. Do you know what college you’d like your child to attend? If so, you have the ability to reverse-engineer your savings plan, which ultimately involves big-picture budgeting, including your home mortgage.
in my below video, I show you how to begin the planning process, including how to leverage a free online tool from CollegeBoard to identify what your college savings plan could look like.
I wish you all the best!