When families talk about college, the subject of money is never far behind. Seeing so many graduates overloaded with student loan debt, with 19% of borrowers owing more than $50,000 upon graduation, can be pretty scary for parents and students alike.
As parents, you think the best thing you can do for your children is to encourage them to go to college and get a good education — and, hopefully, that will help them land good jobs with higher earning power than if they had high school diplomas alone. But that’s an expensive goal. It’s especially daunting considering that many parents are still paying off their own student loans, while their children born today could end up paying up to four times the current price for tuition if inflation keeps up, according to finaid.org.
But where do you start saving for your child’s education? The option for many is to not start at all. Only 36% of middle-income families and 29% of low-income families are putting money away for their kids’ college fund, according to a study by Sallie Mae. The study also found that the average family is planning to save around $38,953 per child for college, but on average will only save about $19,784.
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