This Chart Shows What to Save Each Year to Send Your Kid to College

College is incredibly expensive and prices are only going up. This chart shows how much you need to save every year for your child’s expenses depending on what you plan to contribute, how old they are when you start saving, and whether they go to a private or public university.

The chart, from NerdWallet, uses the current averages for yearly expenses in both private and public colleges. Then it applies the average yearly increase in cost as determined by the College Board. It also assumes that you’re putting money away in a 529 plan, which is designed specifically for college savings in mind. What’s terrifying is that even if you start at age one and only hope to send them to a public school, that’s still almost four grand of savings a year. Of course, as NerdWallet points out, there are a lot of ways to cover college costs—loans, scholarships, and federal grants—but it’s best to start saving for college as soon as possible. Check out the chart below and hit the link to read more.

Experienced Mothers to Expectant Moms: Start Saving for College Now | NerdWallet via Business Insider

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