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To Send Your Kids To College, Savings Is Key

How Much To Save To Pay For Your Student’s College


Queens, NY. - The price of a college education keeps climbing. In fact, the price of higher education is increasing faster than the costs of healthcare and groceries. Over the last decade, expenses and tuition for public, in-state, four-year colleges increased 5.6 % every year. Tax expert, Sal Candela, offers some suggestions.

“To send your child to college, you’ll want to start saving $430 each month for in-state college expenses, including room and board. Save double that amount if you plan to send your child to a private school,” Candela stated.

The cost of college may be overwhelming to parents, but another option is borrowing.
“Make sure, if your student needs loans to pay for college, that they graduate with a debt amount no greater than half of their first year’s salary on the job. So for a career with a starting salary of $50,000, the student should make sure their debt is at or below $25,000. This way, your child can set aside 10% of their annual salary once they graduate to pay off their school debt in five years,” Candela advised.

Another alternative to pay for college is dividing the bill; parents pay half, the child pays the other. Parents can then work to save half of the money needed, and their children can work hard during high school, applying for scholarships, taking jobs, completing work-study opportunities and accepting reasonable loan levels.

Sal Candela with The TaxAdvocate Group offers tax services to individuals and small businesses. He enjoys helping individuals and families save money on taxes. Give him a call (877) TAX-1040, email or visit his website


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