Rising costs of college require planning today
In today’s competitive world, a college education is invaluable. According to 1997 US Census Bureau data, the average annual earnings of a bachelor`s degree recipient are 60% or $14,000 more per year than those of a high school graduate.
But college can be expensive. According to the College Board, in 1999-2000 the average total annual cost for a four-year public university was $10,458 and for a four year private university $22,533. Given those figures, today`s cost for four years of school could range from $41,000 to $90,000.
Since the beginning of the 1980`s to 1999, college costs have increased faster than the rate of inflation (as measured by the Consumer Price Index). In the last 5 years, college costs have risen an average of 5% per annum, according to the College Board. If college costs continue to grow at 5% per year over the next 18 years, the total costs for four years of college could range from $85,000 for a public university to $210,000 for a private university by 2017.
Like all sound investment plans, identifying your objectives is paramount and the first step to success. Our representatives are available to help in the process and after discussing your situation, he or she can recommend which college funding vehicle best fits your needs. Monthly investment programs are available for easy budgeting.
Estimate college costs for your child
You can estimate college costs for your child using Hartford’s College Planning Calculator. The College Planning Calculator is easy to use and is designed to help you estimate college costs for your child and the future value of your current college savings investments. It utilizes data obtained from Trends in College Pricing and the College Entrance Examination Board to determine costs for colleges throughout the United States as well as national averages for public and private colleges. Simply click on the link above and you are on your way to getting started. A Nelson Securities representative can run the illustrations for you as well. Call 1-800-345-7593 or send us an e-mail below---it`s free of charge!
Nelson Securities can help you reach your goals
Nelson Securities, Inc. offers three college savings vehicles to help you reach your college planning goals. Each varies in tax advantages, flexibility, control, contribution limits and effects on financial aid. Click on each link below to learn more.
- 529 College Savings Plans
- Coverdell Education Savings Accounts (formally Education IRAs)
- UGMA/UTMA Accounts
If you are interested in being contacted by Nelson Securities, Inc. regarding College Planning, please contact one of our Registered Representatives at 1-800-345-7593, Set an Appointment or Request Information. Please specify College Planning and the type of account(s) you are interested in.