529 Plan Helps Save For College
Start Saving Now
By Scott Reeves
Some parents look at the growing burden of financing a four-year degree and throw up their hands.
The annual cost of a year's tuition, room and board at a private college or university will average about $32,000 this year and will increase about 5% a year to $51,600 in 2018. State schools aren't cheap, rising from about $12,000 this year to $19,400 in ten years for in-state tuition, the College Board reports.
"You should start planning a college savings plan as soon as you're thinking about starting a family," says Doug Chittenden, Vice President of Institutional Client Services at TIAA-CREF. "When saving for any objective, the longer you save, the more successful you will be."