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Saving Early for College Pays Later

If there’s one thing parents think they should save for, it’s their children’s college education. In 18 years, a degree from a public school will cost around $200,000 and a private university will run closer to $400,000, according to the College Board, which administers the SAT standardized college admissions test. For most of us, the only way to accumulate that kind of cash is to start setting money aside while our kids are still in diapers. Don’t get discouraged if you can’t set aside as much as you’d like. Even if you can only save $100 a month, it will be worth the trouble. In 18 years, that monthly contribution could be worth nearly $46,000 if you invest it in a tax-advantaged college savings account that makes at least 6% a year. Read more…

Publish date: June 17, 2009