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How much to save for college 529!
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How Much to Save for College
Saving enough for college may seem like a hopeless task and that taking on a ton of student loan debt is an inevitable curse. But by planning ahead and being realistic, it’s possible to save enough to defray a significant portion of the bill.
The first step is to understand what college actually costs—and what it’s likely to cost you personally, as how much you ought to save will vary depending on the school you'll be attending and how much you can get in financial aid.
Key Takeaways
- To set a savings target for college, first find out how much you’re likely to pay at the kinds of schools you’d like to attend.
- A gap usually exists between a school’s published prices and what many students actually pay after financial aid and other reductions.
- Grants and scholarships cut the cost of college, but loans postpone paying the bill—plus you’ll have to pay interest.
- For many people, the easiest and most convenient way to put money aside for college is through a state-administered 529 college savings plan.
The True Cost of College
The federal
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