Explore Your Savings Options
Start saving now for your child's education.
Saving enough money for your child's college education may seem like a daunting task due to high costs. Recent surveys show that the average four-year public university now costs about $11,400 annually for tuition, fees, and room and board. Other, more prestigious public schools carry a price tag that ranges between $17,000 and $35,000 per year, depending on residency status. And private schools average $27,500 annually, though some can cost around $43,000 per year.
Although such large dollar amounts can be discouraging, there are saving options that can ease the burden of college costs.
Types of Savings Options
A type of investment account that allows you to set aside money for your child's education and let it grow tax-free.
- Coverdell Accounts
A Coverdell account functions very much like an IRA but for education, not retirement purposes.
Here are other documents located on AIE.org that you may be interested in: