Liberal Arts. Engineering. Business.
They are all great options for higher education that can lead to successful careers but they also can come with a huge price tag. And, the truth is, even for public universities, the rising cost of college has no indication of slowing down.
Are you saving for college? Consider these statistics:
- Among the Class of 2018, 69% of college students took out student loans, and they graduated with an average debt of $29,800.1
- A 2019 report shows that Americans owe over $1.56 trillion in student loan debt, among approximately 45 million borrowers.2
- According to the US Department of Education3, the average annual cost of public school increased 6.5 percent each year over the last decade. If that continues, it could mean that by 2030, annual public tuition will be $44,047. The total cost for a four-year degree will be more than $205,000.
Although we can’t do anything to stop the price of college from skyrocketing, we can help you build a solid plan to finance your children’s education.
It’s never too early or too late to plan for a loved one’s education.
Many parents will be sending their children off to college long before they retire. And many parents may wind up dipping into retirement savings in order to pay the bills.
At The BlackOak Group, we help parents fund their children’s college education by sharing the various options available.
Wondering how you’re going to afford rising tuition costs in the distant (or not so distant) future? We can help.
To learn more about The BlackOak Group’s financial planning services for college education funding, contact us for a no-obligation consultation today.
1. Student Loan Hero. (2019, February 4). U.S. Student Loan Debt Statistics for 2019. Retrieved February 13, 2019, from https://studentloanhero.com/student-loan-debt-statistics/ ↩
3. Source: Federal Student Aid Strategic Plan FY 2012–16, Department of Labor ↩