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Estimate the Cost of College
So, the big question - how much will college cost?
While it is true that college tuition and fees continue to outpace inflation, it is also true that experts expect this trend will continue. If your child is very young, this could mean tens or hundreds of thousands of dollars to reach their education goal.
Where’s the silver lining, you ask?
You’re not alone in your quest. Less than a third of current college families expect to pay the entire cost of their child’s education. This is why it’s so important for parents to start saving, anything, as early as possible.
Source: College Savings Foundation, FinAid, College Board
By figuring out how much college will cost, you can figure out how much you need to save, and then begin your savings journey.
Estimate the cost of attending college when it’s time for your child to attend. Run several options using the variable inputs to give yourself a range of options in planning your savings goals.
» Cost of college calculator
How much to save
Do I need a fortune teller? Or just a good advisor?
Ask yourself a few simple, questions about you and your child’ expectations:
- Will your child be attending college in-state or out-of-state?
- Will your child be going to a public university or a private one?
- Will they consider starting with a 2-year community college program, going into the traditional 4-year program following high school, or a vocational or trade school?
- Will they be applying for scholarships? Or student loans?
- Will other family members (grandparents, aunts, uncles, and friends) be helping out? We suggest that most often, grandparents are very willing to help in some way financially.
- Is your child willing to work part-time while going to school?
- How much of their total expense are you willing to pay for?
Keep in mind that tuition is only part of the total cost. Room and board, books, supplies and fees can be the same as or more than tuition costs.
Use a personalized College Savings Planner report to help you take a closer look at how to pay for college using a CollegeInvest
savings plan. It takes college savings goals into account
and summarizes the total projected costs and estimates the monthly savings needed to reach your goal.
» College savings planner
Take the risk out of determining your risk tolerance
Aggressive? Conservative? No idea?
By figuring out your risk tolerance, you can better determine the asset allocation that’s right for you. Questions like the following will help determine your investor temperament, which is a reflection of your risk tolerance:
- Who influences your decisions? Friends? Advisors? Internet research?
- Are you experienced in investing?
- How do you feel about market fluctuation?
- When the market goes down, would you prefer to transfer to safe assets?
Take a survey to determine your investor temperament and risk tolerance.
» Investor temperament and risk tolerance survey
Other Calculators and Tools
Calculators. Charts. Projections. Estimates. Even if you’re not a numbers nerd, we can help you become one.
Whether college is just around the corner, or you have several years to plan for it, CollegeInvest offers various tools to help plan and pay for college.
- Calculators to predict college costs : More effective than a Magic 8 Ball and just as easy to use this calculator will help estimate how much college will cost for your child.
- Calculators to project savings: One savings planner will help you set your savings goals and estimate how much you'll need to save to help meet them. Another will allow you to set aside a budget on a regular basis, and how those funds could potentially accumulate by the time you need to use them.
- Comparison Chart of College Savings Options: 529 Savings Accounts, Coverdells, UTMA/UGMAs… first, find out what they are and how they compare to others. Then determine what’s best for you.
- CollegeInvest 529 College Savings Plans Comparison Charts: You are unique. And so are all of our plans. Find the one that’s the best match for you.
- Calculators to estimate Colorado state tax deduction for your 529:¹ Save on my taxes!?!? Yes indeed.
- Saving tips & tricks: Hints, ideas and advice from our experts to help you save more money for college, and more often.
- Glossary: COF. ACG. All the acronyms and terms can leave anyone puzzled. We’ll help make sense of it all.
- Scholarship search tools: Free money! (Need we say more?) Start this search early.
- College In Colorado: Their website is full of tools to help parents with students from middle school to college help determine things like financial aid availability, college planning timelines and preparing for ACT/SAT’s.
- Colorado Department of Higher Education (DHE) : DHE’s website offers handy tools to help with admission requirements, tuition and fees, exchange programs and other higher education resources you may need.
¹ Contributions to the Plan(s) are deductible from Colorado state income tax in the tax year of the contribution , up to your Colorado taxable income for that year. Such deductions are subject to recapture in subsequent years in which non-qualified withdrawals are made.
To learn about CollegeInvest’s 529 program, its objectives, risks, charges, expenses, limitations, restrictions and qualifications regarding the Plans’ benefits and potential tax advantages, please read and consider carefully the Program Disclosure Statements (PDS) available at www.collegeinvest.org before investing. Also, check with your or your beneficiary’s home state to learn if it offers tax or other benefits for investing in its own plan. Administered and issued by CollegeInvest.
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