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Today higher education is not a dream but an expectation for our children. Yet paying for college is becoming increasingly more difficult for families, especially those with more than one child to educate.
An Education Doesn't Come Cheap
15.5 million Americans are attending colleges and universities today1. The cost of a college education currently rises 7% per year2. That's nearly double the rate of inflation and the cost of living. In 2004, the average private college education is approximately $30,000 per year. Public college education is approximately $12,000 per year. When we look at these costs, inflation rates and cost of living allowances, families and individuals are left wondering what and how is the best way to pay for these hefty college bills.
Plan Now, Pay Later
The Federal and State Governments have taken notice. They plan to raise the amount that can be deduction from income taxes, make more federal aid available, and even to place price controls on schools and what they can charge. This certainly a step in the right direction, but there is still a need for additional savings. For most of the investing public starting a College Savings Plan is a necessity in today's environment.
529 Plans and Brokerage Accounts >>
1 Source - US Bureau of the Census.
2 Source - Homestreetbank.com, Saving for College
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529 Plans and Brokerage Accounts
Tully & Co. Investments
481 Hanover Street
Manchester, NH 03104
603-665-9220
603-665-9227 (f)
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