High school grads and their parents, view college education as a “Retirement” to achieve a career-worthy job after graduation. This expensive “necessity” is inflating in cost yearly. In fact, cost of higher education is rising faster than cost of inflation.
Consequently, it is estimated that parents of 4 year old’s, could face college bills exceeding $200k per year! Certainly the numbers are scary. However, beginning early savings, can put you in a great position financially by the time your child is submitting applications.
Student Loan Debt Elimination
Among the Class of 2018, 69% of college students took out student loans. They graduate with an average debt of $29,800, including both private and federal debt. Meanwhile, 14% of their parents took out an average of $35,600 in federal Parent Plus Loans. The average payment for these student loans (not including deferment cases) is $393.
Your Family Bank allows for repayment of these debts in as little as 9 years.