Today, an average four-year private university degree costs $194,040.*

Things to consider

Student loan debt has now become the second largest consumer debt category — trailing only mortgage debt. As a parent or grandparent, you want to do as much as you can do to minimize the financial burden your child has to carry as they start their adult journey.

A pie chart with three sections

Plan in thirds

On average, about ⅓ of a student’s college costs are funded by scholarships and aid, another ⅓ comes from parent income and savings, and the final ⅓ will be in student loans.

A calculator

Take advantage of a 529 Plan from K through college

Consider using a 529 Plan to tax-efficiently save for your children or grandchildren’s K-12 education costs.

A person talks with three other people

Encourage your children to save

From birthday money when they’re young to income from part-time high school jobs, consider offering to match your child’s college savings fund.

A hot air balloon

Think retirement first

Be careful not to focus so much on education saving that you end up derailing your own retirement plan.

What to ask your Janney Financial Advisor

  • What options do I have to save/invest for my child’s education?
  • Will money that I save in a 529 Plan account impact my child’s eligibility for financial aid?
  • Given my current financial situation, what’s the optimal balance between retirement and college savings?
  • How can I figure out how much I’ll need to save each month to meet my educational savings goals?

Talk with a Janney Financial Advisor

You don’t need to go it alone. We can help you navigate financial questions and give you greater confidence about the future.

Find a Financial Advisor 

Related Articles

To learn about the professional background, business practices, and conduct of FINRA member firms or their financial professionals, visit FINRA’s BrokerCheck website: http://brokercheck.finra.org/