As we approach the back-to-school season, I wanted to discuss an important topic that might be on your mind: the cost of education. Whether you have children or grandchildren preparing for college or considering furthering your education, it's important to understand the financial side. Let's delve into some eye-opening statistics about the cost of college. In 2022, the average amount families spent on college reached $25,313. Interestingly, family savings and income covered 54 percent of this amount, highlighting the importance of diligent financial preparation. Scholarships and grants accounted for 26 percent, while student borrowing constituted 18 percent.1 In 2023 the projected average household cost for back-to-college shopping is $1,367, while back-to-school shopping may average $890 per household.2 Let's proactively address the financial aspects of education and create a strategy so that you and your loved ones can pursue your academic aspirations. We can work together to help you prepare for any upcoming educational expenses. |
1. SallieMae, 2022, How America Pays for College The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. |
Dollars and Degrees: The Cost of Education
