Focused on Higher Education
With college costs rising at 4 times the inflation rate, funding a college education can be a costly and stressful process.
Taking steps now to ensure you're on track financially can be extremely beneficial.
The Basics of Fixed Annuities are the areas in your planning process that should be addressed. The amount of time and knowledge you have can drastically impact your savings goals.
Important questions to be answered in the planning process are:
- What are the future costs of college?
- How much should you be saving?
- Which products can help you save for college?
- How can you avoid common saving mistakes?
- Is there a way to maximize financial aid?
- How can you save for college, while funding your retirement?
Get answers today by using our college savings calculator.College Savings Calculator
Regardless of your age, your child's age, or the planning stage you are in, we can assist you with:
- Understanding Your College Funding Options.
- Providing Current & Future College Costs Analyisis.
- Creating or Reviewing Your College Funding Plan.
- Maximizing Your College Financial Aid.
- Evaluating Your College Funding Options.
- Addressing Inflation's Impact on Your Money.
- Protecting Your Retirement While Funding Child's College Education.
Information and Questions
Here are some questions and things to think about when it comes to College Funding
The average amount of years it takes to graduate College?
Nationally, four-year colleges graduated an average of 53% of entering students within six years. With recent State and Federal budget cuts and reduced class availability, the number of years it takes to graduate may continue to increase. The longer your child attends college, the higher the cost may be.
The average cost of College?
The College Board reports that a "moderate" college budget for an in-state public college for the 2011–2012 academic year averaged $21,447 and $42,224 for a private college. Then there are the expenses such as books and supplies which averaged $1,168 at public colleges and $1,213 at private colleges. If you factor in room and board which can range from $8,887 at four-year public schools to $10,089 at private schools, combined with miscellaneous expenses from $2,422 at private colleges to $3,148 at public universities, the costs really start adding up.
The average amount of money saved for College?
More than two-thirds of parents are putting aside too little to meet their child's college savings goals. On average, families are saving $2,676 annually for their children's education, for a total of just under $14,000 (the survey found (newyorktimes).
The average amount of Financial Aide awarded?
The College Board reports that in 2010-11, undergraduate students recieved an average of $12,455 per full-time equivalent (FTE) student in financial aid, including $6,539 in grant aid, $4,907 in federal loans, and $1,009 in a combination of tax credits and deductions and Federal Work-Study (FWS). In 2010-11, 46% of all grant aid (and 51% if undergraduate grant aid) came from the federal government.
The average annual College cost increase?
The average public university rose 5.4% for in-state students, or about $1,100, to $21,447 this fall, the College Board estimated. Tuition at the average public university jumped 8.3% to $8,244. Starting Oct. 29, all colleges are required to post a "net price calculator" on their websites that will allow students and their families to figure out how much freshman year will likely cost.
When should I start planning?
This depends on where you want your child to attend college, how much time you have to save between now and when your child will be attending school and how much money you're going to be saving during that period of time.
What will be the future costs?
The projected future costs of college can vary dramatically based off of the type and location of the school. Currently the cost of college is rising at a rapid rate and some states are even seeing annual cost increases of more than 10%.
What options do I have for saving?
There are various options available to you for saving for your child's college education. Your age, your child's age, and the amount of time that you have to save may be factors in what options are available to you. Meeting with a qualified representative would help you determine what options you have to choose from.
How much should I be saving?
This should be an amount that you could afford on a consistent basis. Starting as early as possible and staying consistent for a long period of time would typically require you to save less on a monthly or annual basis. Other factors to take into consideration would be how much money you need to save, how much interest you are going to earn and how much time you have to save.
Where should I be saving?
There is no "1 size-fits All" when it comes to saving for your child's college education. Meeting with a qualified representative would help you determine where you should be saving. Your age, your child's age, and the amount of time that you have to save may be factors in what option is most beneficial to you.
Why should I be saving?
In this day and age a college education is becoming a must in order to compete in the job market. Ten years from now it will be even more so. With consistent State and Federal budget cuts to Education, the rapid rising costs of college and the expense of tuition loans, it's becoming more of a challenge to finance a college education.