How to Save for Your Child's College Education

Father and daughter at a table doing homework

Military parents understand the importance of saving for their child's college education. However, with tuition rising steadily, you may not realize just how much you'll need to pay for college in the future. To stay ahead of increasing costs, it's more important than ever to begin saving early and to have smart saving strategies.

Here's something to think about. Public university tuition increased by an average of 8 percent in 2011, and private universities have historically increased tuitions an average of about 6 percent per year. More recently, public and private institutions hiked tuition by 2.9 to 3 percent in 2013-14, the smallest increase in more than 30 years.

For perspective, let's say you want your newborn to attend a four-year college that costs $10,000 per year today. You can hope tuition increases stay low, but if that college's costs increase an average of 7.5 percent per year, you'll need $147,032 by the time your child is 18 to pay for all four years.

Now, take a deep breath.

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