Want to Avoid Years of Crushing Debt? Save for College Now

College is more expensive than ever: Not properly planning to fund your own education or that of your child could saddle you or them (or both of you) with decades of debt.

Piggy banks grow in size until the largest one is wearing a mortar board.
(Image credit: Getty Images)

The financial difficulties of going to college have long been a problem for American families. Decades ago, it was possible for a student to attend college and pay for it with the proceeds of a summer job. Those days are long gone. College today often costs as much as a new car, or more, for just one year! A bachelor’s degree — which, incidentally, most students take more than four years to complete — can easily cost more than $100,000 at an in-state public university.

It’s quite a lot of money for an 18-year-old to come up with! That’s why it’s important for parents to begin preparing for their child’s higher education early. Proper preparation can avoid years of crushing debt for both the student and their family.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Jared Elson, Investment Adviser
CEO, Authentikos Advisory

Jared Elson is a Series 65 Licensed Investment Adviser Representative (IAR) and the CEO of Authentikos Advisory. Following a 10-year career with Yahoo, Jared identified an acute need for sound financial counsel in the tech industry and has excelled in giving tech professionals the tools they need to grow and preserve their wealth.