National Guard Family Program
Soldier with child riding piggyback Introduction to Personal Finance
An Overview for State Family Program Directors, Wing Family Program Coordinators, and Families.
 

Introduction

Evaluating Your Situation

Budgeting & Debt Management

Goals & Plans

Insurance & Disability Planning

Investment Planning

Education Planning

Retirement Planning

Estate Planning

 

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EDUCATION PLANNING

 

6.

Montgomery GI Bill

 

6.1

Planning for Your Child's Education

  

6.1.1

Personal Investing

6.1.2

Prepaid Tuition Plans

6.1.3

Loans

6.1.4

College Options through Life Insurance

6.1.5

Educational Tax Credits

6.2

Learning Check

 

6.1 Planning for Your Child's Education

When should you start planning for a child's college education?

kid at pool

Ideally, as soon as the child is born.

The cost of four years at a private college or university currently averages about $79,000.

The average four-year cost for a public college is about $32,000.

With college-cost inflation now at an average rate of 5%, a child born today could need at least $77,000 to attend a public college for four years and more than twice that amount — $190,000 — for a four-year stint at a private college.

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