As an expectant parent, you have a lot to think about. Where your baby will go to college in 18 years is probably one of the last things on your mind. It’s hectic enough planning your doctor’s appointments, post-birth arrangements and even what color your baby’s room will be —there’s hardly time to think about the future. However, saving for college is one thing you should be thinking about now,
When it comes to saving money to pay for college, many parents are doing it the old-fashioned way: that is to say, they’re hoping for a miracle! A survey conducted in January of this year found that 57 percent of the parents polled had saved less than $10,000. But the survey found that parents do have high savings hopes.
- Forty-five percent said they hoped to save more than $30,000 by the time their child was college bound.
When Kate opened an NC 529 Account for the first of her four children, she was still paying off her own school loans from undergraduate and law school. She had been the first in her family to go to college and she scrimped, saved, and worked all the way through school and still came out with a sizable 10-year loan that she eventually refinanced into a 20-year loan. She was determined she would do everything she could to help her children save for college by using North Carolina’s National College Savings Plan.