How Will You Pay for College?

Eric Grant CNW Columnist

As we wrap up prom season and wander into high school graduation season, this is the question that many are asking. Many students have made social media posts about their college and trade school choices, sporting gear from their chosen school. Many of these posts were shared by proud parents who at the same time are wondering how to pay for this. For most, paying for college or trade school is like many other financial goals that require some planning and time. What is also true for many is that the financial resources and or the planning didn’t happen as we would have liked.

College costs are as volatile as any, and the growth of college costs has escalated at roughly 8% per year, doubling every 9 years or so. The average Annual cost of a private college, with room and board is over $30,000 and for a public college, just over $20,000. Trade schools, many will be surprised to know, are not much less expensive at roughly $30,000 per year. If you saved roughly $600 per month for the first 18 years of a child’s life, you would have the money to pay for the average cost of college. But of course, that child of