Tax-smart ways to help your kids/grandkids pay for college

February 12, 2014 10:08 AM
Tax-smart ways to help your kids/grandkids pay for college
" By Jean FolgerMany people say that a home is the largest single investment you'll ever make, but consider this: The national median existing-home price was $199,500 in October of this year. That's less than the estimated $210,388 it will cost to send your two-year-old to an in-state, public college for four years. Thinking about a private college? That's going to run $465,516 by the time your toddler is ready for higher education.College costs are increasing at about two times the rate of inflation each year – a trend that is expected to continue indefinitely. Here's what you can expect to pay for each year of tuition, fees, and room and board by the time your kids (or grandkids) are ready to head off to college (assuming a steady 6% college cost inflation rate): Note: Want to see an estimate of how much it will cost to send your child or grandchild to college? Use the College Cost Calculator at the College Savings Plans Network. Keep in mind, these numbers represent a single year of costs; the number of years your child attends college will depend on the degree(s) he or she is seeking "

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