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Make a Grand Per Month to Pay for Your Child’s Education

The average cost of college for a “four year public college comes in at just under $14,000. The average annual tuition for a two-year public school is $7,000″ (Huffington Post).

Years ago, students could work part-time while in college and full-time during the summers and cover the cost of their college tuition and graduate debt free. Not so today. If your child works a part-time job for 15 hours a week during the school year for 32 weeks at $8 an hour, she’ll earn $3,840. Add in working full-time for 14 weeks during the summer, and she has an extra $4,480, giving her a grand total BEFORE taxes of $8,320.

Clearly, your college student generally can’t make enough to cover a year’s worth of tuition and living expenses.

However, together, you may be able to make a difference.

How Your Grand Per Month Can Help

If you already work full-time

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Make a Grand per Month to Save for Your Child’s Education

Many parents would like to help their children pay for their college education, especially with tuition prices increasing faster than inflation every year. Finding the money to put aside every month, however, is a different story. Yet, if you dedicate yourself to making a grand per month on a side venture, you could very easily set aside enough money to partially or fully fund your child’s college education.

First, let’s consider a few numbers. (I used the calculator at Saving For College to assist with these computations.) All scenarios assume the college your child will attend costs $20,000 this year and will increase by 6% per year. You will be investing in a college savings vehicle that will give you a 5% rate of return (which is probably low when averaged over the years).

Example One

You have a one year old child, and you have not saved anything. You

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