Education Planning

Although students may be able to obtain grants, scholarships or other types of financial aid, without a proper education savings plan, the costs of post-secondary education can put a strain on a household’s savings.

 WFG agents can offer a client an individual education plan, based on your and your child’s needs, that can help you support the cost for K-12 private schools and/or tuition and fees of college.

Education costs remain a significant financial challenge for many families, and many underestimate the price.1 
 

  • College tuition has steadily risen over recent years, and the 2022-2023 school year is no exception. The average in-state tuition at a public college is $10,423, and out-of-state is $22,953. Private college tuition is $38,185.1 
     

  • Based on the average current amount of in-state tuition at a public college of $27,940 with a college cost inflation rate of just 5% per year in 2 years, the total amount for a four-year degree will be $132,768.2

PLANNING AHEAD

1 “See the Average College Tuition in 2022-2023,” Farran Powell, Emma Kerr and Sarah Wood, U.S. News & World Report, September 12, 2022. 
2 College Cost Calculator, The College Board, January 2023.