Saving for College

If you dream that your little baby will be a doctor one day, then you need to start saving now. By the time she is ready for college she will already have cost you around $200,000 (on average). You may think the worst is over, but think again.

The annual cost for a college education in America ranges from around $3,000 per year at a public institution to over $35,000 for a private school. To make matters worse, college tuition is rising by around 5% per year beyond general inflation.

There is some good news. All higher education institutions offer financial aid in the form of grants and loans. These are most often funded by the federal government and many millions of dollars have been made available in the form of Pell Grants since the American Recovery and Reinvestment Act was passed.

Nevada State Bank offers a range of options to help finance college education. They include the Prepaid Tuition Program, which enables parents, grandparents and family friends to lock in future college tuition rates at today’s prices. Be sure to look into all the options available.

Start saving now and use our calculators to work how much you need to save to meet those future costs. We suggest you run a range of college options through the calculators, then look at both savings and loans to see which will best meet your needs.

Questions? Call us today at 800-727-4743 or contact your local Nevada State Bank branch Relationship Manager to find out how our Banking Services can benefit you.

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