College Planning

Planning for College

It’s no secret – college is expensive. In fact, at least 65 percent of jobs in the near future will require education or training beyond high school, making it a wise choice to prepare early for education expenses. Whether your child (or grandchild) is planning to attend a community college or trade school, or striving for a bachelor’s or master’s degree, a little saving can make a big dent in tuition and expenses.

Save Early

There are several savings vehicles for you to choose from. While each has its own set of rules and benefits, the one thing they have in common is the benefit of compounding interest. The earlier you establish and implement a savings plan, the more you will be able to earn and save.

Be Strategic

Use a college savings calculator to estimate potential college costs, based on your child’s age and expected high school graduation date. A calculator can help you set a target monthly savings rate that you can begin to build into your monthly budget. You may also want to consider making extra contributions at year-end or at times when you have a little extra cash on hand.

Plan Carefully

Take an honest look at your budget. It might be tempting to scale back on retirement funding to increase funding to college savings plans. But remember: there are scholarships, public and private grants, financial aid and loan opportunities to supplement college savings; but there are no loans to cover the cost of retirement. Avoid putting your own retirement goals on hold while saving for your child’s education.

Your Farm Bureau agent can help you develop a sound financial plan that accounts for education, retirement and your other goals.

It’s your future. Let’s protect it.®

Get Started

The Learning Center Plan Today. Prepare for tomorrow.

  • Which Student Loans Should I Pay Off First?

    You collected student loans in college like they were sweatshirts with your school's mascot - now it's time to pay them back. Read Article »

  • Should You Save for Retirement or College?

    It can be overwhelming and difficult to prioritize your savings. We offer some strategies to make the most out of your contributions for these two very different but equally important life events. Read Article »

  • Teaching Kids About Money: Financial Literacy Tips for Kids of All Ages

    We share teachable money moments for preschoolers and teens alike. Read Article »