The good news is that most moms and dads in the millennial generation with Parkland real estate will cover the college tuition costs for their offspring. The Fidelity Investments College Savings Indicator found that 74% of parents between the ages of 30 and 34 polled have money put aside to assist their children with tuition. That’s a significant increase from the 58% of parents who were ready to pay for college one decade ago. A whopping 48% of millennials in Broward County plan to cover all their kids’ tuition costs, while only 16% could say the same one decade earlier.
Perhaps there is a good reason for this positive turnaround. Numerous millennials in Parkland luxury homes have grown up and begun their professional lives in a financial crisis. Many are still paying back student loans to this day. As a direct result, they have been propelled to be cautious as parents, determined to keep their children out of student loan debt. Adopting smart savings habits, thirty-something parents have made it a habit to stash away more money than previous generations.
A Pew Research Center survey recently found similar results, with 79% of millennials saving for university. That’s a positive increase compared to 72% of Generation X and 66% of baby boomers putting away for their kids’ college educations. A majority of millennials even start saving for their children’s education before the kids’ 6th birthdays. Again, those numbers are significantly higher than previous generations.
Like it or not, the average price of college tuition for both public and private schools is climbing rather quickly. USA Today reported that millennial parents will spend an average of $100,907.61 to send their children to a public college for four years if tuition continues to rise at its present rate. And that doesn’t even include room and board, books or inflation. Much of the increased cost of education is due to higher salaries and the opening of new academic departments.
Diane Duffy, the Chief Financial Officer at the Colorado Department of Higher Education, says the rising costs of education are due to state governments’ small percentage of school funding. As a result, students and their parents have been getting stuck with higher bills for the last 15 years. Meanwhile, the 50 states are paying less towards college tuition.
Numerous millennial parents today with homes for sale in Parkland are seeking the advice of financial planners to set realistic expectations of paying for their children’s educations. It is always smart to be proactive when it comes to your kids. Make sure you understand the ins-and-outs of financial aid and how it needs to be paid back.
Perhaps the best answer to the high cost of college tuition is the Florida Prepaid College Plan. Millennials with Parkland waterfront homes for sale can now choose the best plan for specific costs, schedules, and a variety of benefits for their kids to attend a Florida university, such as FSU, UF, UCF, or USF. In other words, it is possible to send the kids to college and not go broke in the process.
About Berkshire Hathaway HomeServices Florida Realty:
Berkshire Hathaway HomeServices Florida Realty has 42 locations serving 19 counties throughout Florida and approximately 1,800 sales professionals. The full-service brokerage, founded in 1999, is a wholly owned subsidiary of WCI Communities, Inc. To learn more about the best Parkland real estate business, visit www.BHHSFloridaRealty.com today.
