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February 6 , 2025 The Beacon • 17
Some things parents can do to save more for college
Raising a child is no small task . Though it ’ s no surprise that parenting requires a substantial investment of time and energy , the financial cost of raising a child might raise more than a few eyebrows . According to the SmartAssetTM 2024 Study , the median annual cost to raise a child in the United States in 2024 is $ 22,850 , and that figure is considerably higher in many states .
Commitment and discipline are vital to getting across the financial finish line when raising a child , and that includes finding a way to finance a college education . Data from the College Board , a nonprofit that studies trends in the cost of a college education , indicates the cost of tuition and fees varies widely depending on the type of institution . Tuition and fees at an in-state four-year public school cost a little more than $ 11,000 during the 2023-24 school year , while it was nearly four times as much ($ 41,540 ) at a private nonprofit four-year institution .
Financing a child ’ s college education can seem like a daunting task . However , an array of strategies can help parents save more for
Metro Creative Services An array of strategies can help parents save more for college .
college .
• Take advantage of a 529 plan . A 529 education savings plan is an increasingly popular way to save for college . The Education Savings Programs at Bank of America reports that 529 plan assets increased from $ 88.5 billion in 2008 to more than $ 446
Kent State Tuscarawas students honored
Kent State Tuscarawas recently announced students named to the fall president ’ s and dean ’ s lists .
Students on the president ’ s list achieved a 4.0 GPA for 15 or more letter-graded semester credit hours . Included on the list are West Lafayette residents Bryce A . Gibson and Brady G . Hains .
Dean ’ s list students achieved a 3.4 GPA or greater for 12 or more letter-graded semester credit hours . This list includes Coshocton ’ s Emma J . Dobbins , Clifford L . Grewell and Evan D . Zimmerman and Fresno ’ s Bryce R . Hoffman and Rachael A . Klintworth .
billion in 2023 . A 529 plan is a tax-advantaged investment program administered by a state . When funds withdrawn from the plan are used for qualified expenses , such as tuition costs , then the earnings are free from federal income tax obligations . There are distinctions between 529 prepaid tuition programs and 529 savings programs , so parents are urged to discuss those differences with a financial advisor so they can choose the best plan for their situation .
• Redirect extra income to a college savings plan . Parents may have “ extra ” sources of income that can be used to fund college savings . Annual bonuses , money distributed through state-sponsored property tax relief programs and even money freed up when kids graduate from daycare and into elementary school can be redirected into college savings plans . Redirected daycare expenses may be particularly savvy , as parents know the cost of daycare is considerable . In fact , a recent report from Child Care Aware of America indicated the cost to place two children in child care exceeded annual typical mortgage payments in 45 states . Once kids are out of daycare , parents can redirect some or all the money they had been spending on child care into college savings plans .
• Don ’ t go it alone . A 2023 survey from the College Savings Foundation found that 45 percent of parents would
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request that family and friends contribute to a child ’ s 529 plan in lieu of the standard gifts given to children for their birthday , special events like graduation or during the holiday season . This practical yet less traditional approach can pad college savings plans by a considerable amount over the years , and close relatives might be more than happy to help parents fund a better education for their youngsters .
College is a costly investment , but parents can look to a handful of strategies to help defray tuition costs .
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