The earlier you start, the more you'll have when it's time for college
But most families believe the high price is justified. According to the Sallie Mae report"
Meanwhile, the average all-in cost to attend a public, four-year college as an in-state student in the 2018-19 academic year was $10,230. The annual rate of inflation for public college tuition over the past 10 years was roughly 3%. The calculations assume the lump sum is put into an investment account — either at a brokerage or through a— today and earns a conservative 6% return rate annually until the child's first semester of college. Historically, the US stock market has returned an average of 7% to 8% each year, adjusted for inflation.
529s are state-sponsored, tax-advantaged investment accounts in which the money grows completely tax-free and can be withdrawn tax-free at any point, so long as it's used to cover college tuition, housing, fees, books, and supplies. 529s can also be transferred among children if one needs more or less money for college than initially expected.
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