College education can be expensive. For many parents, the excitement of their children graduating from high school usually sets the stage for choosing their college options. However, without a plan, financing for college education becomes unattainable for many families.
According to a recent online study carried out by the Credit Union National Association, 59 percent of parents with children expecting to go to college don’t know the average interest rate of the loans their kids will take. Apart from this, few parents think about how they will finance their children’s education.
Organizing your finances and thinking ahead can lighten your child’s college education burden.
Tips on Preparing for Your Child’s College
Here are some tips that will help you prepare for your child’s college education:
- Start Saving Early
If your kids are still in high school you should start saving for their college education. Check the average college cost with this tool and start putting aside some money every month. If your child has not decided which career they want, let them take a year off as you build up your savings.