Saving For College: What You Need to Know
As the years go by, it is known by both parents and students that the amount of money it costs to attend a four year university is steadily increasing. According to a 2019 report from the Center on Budget and Policy Priorities, tuition at four year public universities have increased by 37%and net costs have increased by 24%. In the past ten years, average tuition costs have gone up in all 50 states. It is because of these statistics that entrepreneur Alexander Djerassi stresses to families that saving for college should happen as early on in a child’s life as possible. Unlike back in the 80’s when a four year university only cost around $13,000, planning and saving are the two most important things a parent can do to help their children succeed.
As an entrepreneur and a foreign policy expert, Djerassi has had a lot of success throughout his life. He was a special assistant for the U.S. Department of State as well as a chief of staff. He also was a campaign policy associate for Hilary Cliton when she ran for office back in 2016. His latest achievement is becoming the chief public servant and policy officer for a website called Mos.com. This website is designed to make it simple for students to apply for financial aid when it is time to head off to college. Unlike other companies, Mos.com pairs students up with an advisor that will guide them through every single dollar of financial aid that the student qualifies for. Knowing how stressful it is to pay for tuition nowadays, Alexander Djerassi wanted to help students ease their financial stress and help them prepare for these costs.
Below are some tips for how parents can prepare for college tuition:
- Create a budget
When your child gets their first job or receives money from family members, it is important to budget that money and set some aside for college expenses. This will help teach children responsibility.
- Do your research
It is important for parents to keep up with the knowledge of just how expensive some universities are these days. Go online and do some research about which schools are the most affordable.
- Become aware of financial aid guidelines
Your child will not be eligible for everything regarding financial aid. You can help your child prepare by focusing on which ones they can apply to and which ones they should not waste their time with.
- Again, start saving early
This will always be the most important tip of all. College tuition costs are showing no signs of slowing down, so it is best to get ahead of the curve and start saving for your child’s college education as soon as humanly possible.
We at Social Media Explorer understand that college savings and tuition costs can be an overwhelming topic to grasp. Alexander Djerassi wants readers to use this article as a tool to help guide parents through the stressful times that lie ahead. But just remember, the stress is only temporary and, with proper planning and saving, you will have the opportunity to give your child all of the necessary tools for them to succeed later on in life. If you have not done so already, go ahead and check out Mos.com and find out which forms of financial aid your student is eligible for and get all of the information and help that you need in order to send them on the right path. The stress and headaches will be worth it after all once they finally walk across the stage during graduation and receive that college degree!