Planning For College Early

Even if your baby is still in diapers, you’re probably thinking about how you’ll pay for his college education. It’s a major investment. But a little planning now can help a lot down the road.

Take the first step with Planning for College, a free publication from the MetLife Consumer Education Center and the US Department of the Treasury. Check the chart showing the estimated cost of a year of college for both public and private schools through the year 2014. Learn about strategies for funding Junior’s college tuition, along with cost-saving options. This publication also includes a handy worksheet that can help you calculate how much you’ll need to save to cover your child’s education.

It’s best to start saving for your child’s education as soon as possible, preferably as soon as he or she is born. Set aside or invest as much money as you can from every paycheck. If you do start early, you may want to look at investing your money in the stock market. A good investment there may provide better returns than money stashed away in savings accounts or CDs, and the extra time will allow your money to ride the ups and downs of the market. Other options for investing in your child’s future education now include US Savings Bonds and prepaid tuition plans offered by some states.

In addition to saving and investing, there are other ways you can save on college costs when your child gets older. Look into advance placement exams or college courses offered through your child’s high school. And consider applying for traditional sources of financial aid – scholarship grants, work-study programs, and government loans.

Learn more with Planning for College. There are three easy ways to get your free publication: call toll-free 888/8-PUEBLO. That’s 888/878-3256, weekdays 9 am. to 8 pm EDT, and ask for the Item 516F. Send your name and address to Federal Consumer Information Center, Dept. 516F, Pueblo, Colorado 81009, visit www.pueblo.gsa.gov and read or print this and hundreds of other FCIC publications for free.