College Savings Age Guides

Today's college-bound students can expect to pay about 53% more than students of a decade ago! * Though education costs are rising, the financing options available are numerous--whether your child is planning for college next fall or sometime in the next millennium.

Diaper Dreams
A graduate in the year 2016 can expect to pay $109,666 for four years of tuition, room and board, books and other expenses at a public school or $233,339 at a private university.** At this stage, with your goal nearly two decades away, you can afford more risk with your investments because you'll have time on your side. Consider funding an Education IRA. A traditional or Roth IRA can also be tapped to pay college costs, penalty-free.

Pre-teen Plans
If your child is entering junior high, your time line is still long enough to continue saving aggressively. With 10 years to go, the projected (all-inclusive) cost of a four-year public college is $70,692 and more than double that for a private education.** See if your state has a prepaid tuition plan that allows you to save for future college expenses at today's prices.

The Four-Year Formula
For your high-school-aged child, college costs including tuition, room and board and books are anticipated to be $55,389 (public) and $117,852 (private) for four years of higher education beginning in the year 2002.** Shift any investments to less risky choices and check out financial aid options.

Next Fall's Freshman
Even if your child will attend college in the fall, it's not too late to begin saving. Cut household expenses where you can and start the search for scholarships. Organizations unrelated to a specific college may award scholarships based on a student's grades, activities and written essay and application. Your library or the school guidance office are places to find information on these awards.

We'll Help Plan Your Approach
The best time to start saving and exploring financing options is today! With careful planning, college costs don't have to overwhelm your budget--whether you have months or decades to save.

* Source: The College Board's Trends in College Pricing 1998.
** Source: The Wall Street Journal, December 1, 1997.

*Investment services offered through Union Bank & Trust Company’s Trust Division.
Investment products: Not FDIC Insured - No Bank Guarantee - May Lose Value.