Start saving now for an elite college education.
Many families believe that an Ivy League education is the best. These eight elite schools are private institutions where tuition averages about $56,000 per year just to attend, but add another $22,000 or so for housing, food, and books. That equals about $76,000 annually x 4 years and a bottom line of $304,000, but there are more than 100 highly prestigious colleges with equally expensive price tags.
Other families are quite content to have their student earn a degree from the desirable University of California system, especially for residents here in The Golden State. A typical UC campus costs about $36,700 per year, including tuition, room, meals, and books. That totals about $146,800 per student over four years, which is no bargain either.
But if your family has a dream of funding a higher education, you should start saving now –– and provide your younger beneficiaries with funds towards their college education in your family trust.
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