Planning for the Future
Statistics show that those who attend college are much more likely to experience economic success later in life than those who only complete high school.
- According to a 2007 study by the College Board, during their working lives, typical college graduates earn more than 60% more than typical high school graduates.
- Over a lifetime, the gap in earnings potential between a high school diploma and a bachelor's degree is more than $800,000.
- The Census Bureau reports that in 2004, college graduates earned about two thirds more than those without a college degree.
But while a college education is a worthwhile investment, it's also an increasingly expensive one.
- College Board statistics show that the average yearly tuition and fees for private schools for 2007-2008 were 6.3% higher than the same costs just one year before.
- Public schools fared even worse, as their tuition and fees saw an increase of 6.6% during the same one-year period.
- When you add in room and board, the average cost of a private school education rose to $32,307 per year, and the cost of a public education increased to $13,589 per year.
- The average four-year total cost of a private school education tops $120,000.
Understandably, many families are concerned about paying for their children's educations. But First Investors can help. We offer several possible solutions, from investment vehicles such as 529 Plans and Education Savings Accounts to IRAs that offer special provisions for higher education expenses.
