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Saving for College

Saving for College
photo by: refractedmoments
Franklin County Treasurer's Office

"A Journey of a thousand miles must begin with a single step." - Chinese Proverb

We all want children to have a good education. But paying for it can Become a nightmare if you fail to plan ahead. Some parents think that grants or scholarships will be available to cover everything. Guess again. According to "FinAid: The Smart Student Guide to Financial Aid":

  • Only 7% of students actually receive private sector scholarships.
  • The chances of winning a scholarship are 1 in 15.
  • Pell Grants cover only 10% of current costs at four-year private colleges.
  • Work-study grants cover only 10-20% of college costs.

How much will a college education cost? According to the most recent figures from the College Board, which is responsible for conducting the SAT test:

  • Average public four-year college tuition costs for the 2004-2005 school year were $5,132.
  • Average private four-year college tuition costs for the 2004-2005 school year were $20,082.

Adding in the costs of room and board, those annual average costs jumped to $11,354 for public schools and $27,516 for private schools.

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