Unless The Bubble Bursts, Better Start Saving
How to Handle the College Education Bill
Terre Haute, IN – There’s no question. College prices are going up. A recent College Board Annual Survey of Colleges even shows that the sticker price for college is rising. Tax specialist, Andrew Stadler, EA, shares some planning advice on this topic.
“You should be saving $430 monthly for your child each month, to pay for in-state college. This includes room and board, fees, and of course tuition. Then, double this rate if planning to pay for an average private institution. This doesn’t even include the extra necessities that come along with being in college, like a phone, meals, etc,” Stadler said.
Because of the cost, students are having to make smarter choices when it comes to selecting a college degree. U.S. society today places greater value on hard skills such as engineering, IT, teaching and finance. Technical degrees and certificates are becoming commonplace while liberal arts degrees will likely become less popular. Further, more students are likely choose community colleges to start off, because of the lower price, and will then transfer to a university to finish out their degree.
“Helping a child start their adult life debt-free, is an incredible gift. But some parents need or want their children to participate in paying for college. One method is where parents and children each pay half of tuition. This gives the students a sense of ownership, while lifting some of the financial burden off of the parents. If students work in high school to apply for scholarships, take jobs, complete work-study programs, and take out reasonable loans, this can be a great compromise,” Stadler advised.
Stadler & Company has over 85 years of accounting and tax experience. Andrew Stadler, EA specializes in personal tax service and small business services. Give him a call (812) 478-280, email Taxpro@Stadlertax.com or visit his website http://terrehautetaxes.com
- Contact Information
- Andrew Stadler
- Business Owner
- Stadler & Company Acct & Tax Svc
- (1) 812-478-2800
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