Everybody Freaks Out!
It's College Savings Month, as if those of us with kids in or under college-age need any more reminders about how expensive college has become, check out the following stats for some of our favorite schools.
If you're freaking out, join the club. Everybody freaks out! The advisors at AIFS have a free "Everybody Freaks Out" college planning guide that we will happily send your way, if you ask.
Tuition isn't just expensive, it's incredibly and perhaps purposefully complicated. CU Boulder sends a grid that requires patience, to say the least, to understand. Click here to see it.
CSU Ft. Collins has a grid that is no less easy to understand and has an alarming color scheme, perhaps on purpose. Click here to see it
The two-year schools are only slightly less scary, with tuitions increasing 39% in the past 5 years vs a nearly 50% increase in the cost of our public in-state 4-year tuition costs.(B) Similar stats are available for all schools across the country; ask your advisor for a copy of the research.
According to a recent survey, 85% of parents feel compelled to pay for their kids' college but only 54% have saved money for college.(A) Which begs the question from our financial planning team: How much have the 54% saved for their own retirement? So, maybe you ought to stop paying for your kids' college and start paying for your own retirement. Here is an interesting article on Marketwatch: Parents, Stop Paying Off Your Kids' Student Loans (A) Click here to see it.
We have a lot of resources to help pay for college, including subsidized loans, scholarships, grants, and a host of other methods. We have precious few to pay for our own retirements. So this may be college savings month, but perhaps this is a good time to "get serious about my savings" month.