5 Reasons to Start Saving Up for College Now
If you’re thinking about putting one or more of your kids through college, you’ve got a pretty huge financial commitment looming ahead of you. Depending upon how long you’ve got until those college ages are reached, there’s only so much time that you can spend saving up money to pay for those expensive college tuitions. For anyone who’s been paying attention to the status of the education system over the course of the last few years, the need for a good degree is only getting more and more serious. Schools are getting costlier and costlier, days are being cut from the school year, and teachers are fighting to be able to even make a living wage. There are a lot of reasons that you should start saving up for college right now, if you’re not already, and these five are the most urgent ones.
1. It’s Very Expensive. College can be perplexingly expensive, and it’s likely not going to be something you’re able to pay for up front. A lot of students have to borrow money to even be able to afford their educations, so if you know you’re going to be on your own when it comes to earning your degree, you might want to start saving up immediately. What’s more is that the current situation in which the education system finds itself suggests that college isn’t going to get a lot cheaper of the course of the next several years.
2. It Could Take Longer Than Four Years. Not all university tracks take four years to complete, and this is becoming less and less of an oddity. Depending on your program, you might very well be looking at a fifth year of college, so make sure you’ve factored this possibility into your planning.
3. Tuition Isn’t the Only Expense. There are a lot of other things you’re going to have to pay for when you go to school. Books and parking are among the biggest extra costs that you’re going to have to deal with each semester. Of course, there are always ways for the savvy student to avoid paying an arm and a leg for something like textbooks, but it’s still smart to account for these expenses when you’re saving up in the first place.
4. The Education System Is in Trouble. Whether you’re thinking about getting your BA in creative writing or have your eye on an online master of public health degree, it’s smart to start saving now so that you can be sure you have enough money to put yourself through college. Schools aren’t expected to get any cheaper, and there’s no telling where things will go during the years that are yet to come.
5. Student Debt Is Terrible. Nobody wants to live in debt, but if you can’t afford your school expenses, that’s what will happen. Many students wind up dealing with obnoxious student debt well into their 30s, but you can avoid this by simply saving up well ahead of time.
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