Every parent knows it’s important to save for college, but it’s hard to know where to start. But as the cost of a college education continues to rise with no end in sight, creating and sticking to a savings plan is crucial to avoid crippling student loan debt.
According to Mark Kantrowitz, publisher of FastWeb.com and FinAid.org, over a 17-year period, the cost of college increases by about a factor of three. That means children born today will pay three times the current cost for a degree when they are ready to go off to college.