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9. Financial Planning > Up, Up, and Away: The Cost of College

Up, Up, and Away: The Cost of College

With college costs soaring out of sight, putting your kid through college without putting yourself in the poorhouse requires some financial homework.

For parents, the numbers are hair-raising. Like an out-of-control Mack truck, college costs increase every year at a blistering pace, and the increase actually accelerated in 2003. At the same time that college tuition is skyrocketing, a college education influences future earning power more than ever. If little Suzy can’t afford to go to college, she’ll earn $1,000,000 less than the average college graduate during her lifetime. So what can you do to ensure that your kids go to college without sacrificing the rest of your financial goals? Start planning as early as possible [Hack #90] and start by figuring out how much college is likely to cost. If the numbers seem impossibly high, don’t worry—there are a number of cost-saving strategies you can try.


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