Not only are food, gas, and everyday items going up in price, but so is college education.
Some areas recognize this, and to help they’re offering to give thousands of dollars to parents that open savings accounts for their child’s future tuition.
Overall 19.6 million students go to college across the country so parents have started saving for their kids early on.
An academic year at a private college runs $37,650, while public colleges are on average $10,560 for in state residents and $27,020 for out of state residents.
This is just for the base tuition and doesn’t count books or other fees.
On top of that is room and board which runs between $10,000 and $13,000.
What can I do to save for my child’s college tuition and where can I find help?
A 529 savings plan is designed to invest in your child’s college education by putting money into stocks or bonds. There are major tax breaks by doing it this way.
There are also states that give grants, which can be found in Connecticut, Massachusetts, Maryland, Pennsylvania, Rhode Island, and West Virginia. Many of these grants are given as soon as a child is born.
There are other states that having matching contribution plans like California, Colorado, Kansas, Louisiana, Maine, Nevada, New York, North Dakota, Oregon, and Tennessee.
Related: New York will give out free, four-year scholarships to 5-11 year olds who get COVID-19 vaccine
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