ATLANTA, Nov. 19, 2013 (GLOBE NEWSWIRE) -- College tuition is rising even as the amount of federal grant aid is declining, leaving parents worried about how they're going to find the cash in their budget to pay that education bill.
The cost of a college education, now seen as an absolute necessity by most employment experts, rose nearly 3 percent last year according to figures recently released by the College Board. The average cost of a private college education rose to $30,094 this year, while the average cost at public universities rose to $8,893.
With college tuition costs rising faster than the rate of inflation, the sooner you begin saving for your children's future education expenses, the easier it will be, says Ilyce Glink, personal finance expert and managing editor of the Equifax Finance Blog (NYSE:EFX).
"While most new parents are worrying about diapers and daycare, planning ahead will take a great deal of the pain out of saving for this significant expense," Glink explained.
In a new video posted on the Equifax Finance Blog, Glink outlines a savings strategy for parents who want to get a head start on saving for college.
"The 529 college savings plan, which is available in every state, provides you with pre-chosen investments," Glink said. "These investments are age-based funds, so as your child grows up and gets closer to college age, those funds get moved from more aggressive investments to less aggressive investments."
She offers many other tips and strategies in this video, the third in a series of educational videos to feature Glink on the Equifax Finance Blog. In the coming months, she'll address additional relevant topics to consumers, including ways to prepare for the upcoming tax season.
About Equifax
Equifax Personal Solutions empowers consumers with the confidence and control to be their financial best. Find out more about Equifax's innovative suite of credit monitoring and identity protection products at www.equifax.com. Learn about identity theft and how to help protect yourself and your family at IdentityProtection.com. Get smart information on everything from credit to retirement, all in one place at the Equifax Finance Blog, blog.equifax.com.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.