College Savings

College Savings

November 07, 2023

Now that the 2023-2024 school year is well underway, I want to discuss a topic that is likely to be on your mind: the cost of education.  Whether you have children or grandchildren preparing for college or are considering furthering your own education, it's important to consider the financial side.  Applications may have been submitted, but what does that mean for your finances? 

Let's delve into some eye-opening statistics about the cost of college.  In 2022 the average amount families spent on college reached $25,313.  Interestingly, family savings and income covered 54% of this amount, highlighting the importance of diligent financial preparation.  Scholarships and grants accounted for 26% while student borrowing constituted 18%.1

In 2023 the projected average household cost for back-to-college shopping was $1,367 while back-to-school shopping averages $890 per household.2 

Let's proactively address the financial aspects of education and create a strategy so that you and your loved ones can pursue your academic aspirations. We can work together to help you prepare for any upcoming educational expense.  

1. SallieMae, 2022, How America Pays for College
2. NRF.com, 2022