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No matter what, the expense of getting through college is worth it. Over the course of his or her lifetime, the average high-school graduate will make about $1.2 million. The average college graduate will make almost double that—$2.1 million. Sounds like a great deal, even for those students who graduate college with $20,000 or so of student loans.

There are some amazing statistics out there about how much college costs. For a four-year school, you've probably heard of numbers that sound impossibly large—sometimes beyond $100,000 for a private college.

The good news is that the numbers don’t have to be so high. The average public college or university charged less than $13,000 last year. If that still sounds like too much, there's more good news: Financial aid is always an option.

More Than 15 Years Away

So why would you use a college savings plan? As you've probably figured out, there are lots of reasons. Instead of paying interest on the loans, your savings will earn interest. Putting money in a college savings fund is a great way for doting grandparents to give gifts with long-term value. And graduating with less debt can help your child enter the adult world with less stress and more confidence.

There's even better news: These days you can pay fewer taxes on the money you set aside for college. It's a great time to think ahead, even if your children are still in diapers.

Articles

Saving for College: Where Do You Start?
If you're thinking of getting a head start on college savings, you've got the right idea. Getting started is easy, and here are four ways to kick things off right. Read More

How to Plan for Retirement and College at the Same Time
It'd be great if there was enough time to tackle your financial goals one at a time. But life just isn't like that. Read More

Where Should You Stick Your Money?
There are lots of ways to put your money to work earning interest, lowering your tax bill, or earning profits from investing. Read More

Belt-Tightening That Doesn't Pinch
There are thousands of tips out there for saving money, from the ingenious (like cooking two batches of a meal and freezing one) to the absurd (like separating two-ply bathroom tissue to create two rolls from one). The thing is, belt-tightening isn't a one-day event. Read More

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