College Save Plan

When Should I Start Saving for My Child’s College Education?
Ideally, you should have begun saving when your child was born, but it’s never too late to start! No matter how close your child is to graduating from high school, financial planning will help you set spending priorities and develop savings and investment plans.
It is a common mistake to think that family savings will prevent a student from qualifying for financial aid. It’s true that a financial aid needs assessment considers savings and assets; however, it also takes into consideration the age of the parents and their need to save for retirement. Remember that any savings may reduce the need to borrow money, a situation that usually requires years of repayment.
How Much do I Need to Save if My Child Will Graduate From High School in 2008?
The cost of higher education can vary widely depending upon the type of college, the program of study and the region of the country where the college is located. Total cost of education usually takes into consideration tuition and fees, room and board, books and supplies, and transportation and personal expenses. The following chart shows you the average, approximate cost of attending an in-state college or university in 2008, based on a North Dakota resident living on-campus with a 5 percent annual rate of inflation.

Estimated Cost of Attending College in 2008

For a complete listing of approximate college costs for children ages 1 through 18, visit the following website: www.mystudentloanonline.com/collegestudents_approximate_cost.jsp#chart