The rising cost of college tuition is causing rising concerns among parents, whether their children are newborns or graduating seniors. As paying for college has become increasingly challenging for families, it has become an even bigger consideration in long and short-term financial planning. Many parents of teens simply did not save enough because costs outpaced their plan.
Unfortunately, recent statistics show that the average student loan debt for college graduates in the United States is more than $30,000, setting them up with a significant financial burden right from the start of their adult lives. However, with careful planning and disciplined saving, it is possible for you to lessen or even eliminate that burden for your child.