When should parents start saving for their child's college tuiti - WBRC FOX6 News - Birmingham, AL

When should parents start saving for their child's college tuition?

(Source: WBRC Video) (Source: WBRC Video)
BIRMINGHAM, AL (WBRC) -

Parents need to start saving now for their child’s college tuition, even if it’s a newborn.

“It turns my stomach looking at the numbers just at the University of Alabama in-state tuition cost.” said Michael Wagner, a father of two children.

The average cost for public schools is $25,000. Private schools is $50,000. College cost is rising 6 percent a year. Parents need to start saving $500 a month.

“If you start today with a newborn the cost of college is going to be humongous. It’s going to be huge by the time the child reaches 18,” said Stewart Welch of The Welch Group.

Welch suggest an investment program where growth and investments are tax free. He said that plan depends more on stocks over the long term for better growth. The average cost of a college degree over a career could reach $2 million.

Copyright 2018 WBRC. All rights reserved.

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