Parents want the best for their children. However, the costs associated with pursuing a college education have been rising at a rapid pace. As of 2012, there is over $1.1 trillion of outstanding student loan debt and nearly 1 in 5 households had student loan debt.
Setting aside enough to cover the costs of your child’s college education without putting other priorities such as retirement or cash flow at risk requires careful planning.
To compound the problem, many parents are making costly mistakes when it comes to saving for college that jeopardize their financial-life goals.