Financial Literacy Portal: Planning for Education Costs

Planning for Education Costs

In 2020, nearly two-thirds of Missouri jobs required a two or four-year degree or professional certificate. And a recent study from Sallie Mae found that American parents foot the bill for 44% of college costs. This is why it is important to begin planning for future education costs early. After all, every dollar saved is one less you’ll have to find later. From tax-advantaged 529 savings plans to a college savings calculator, use these resources to help you plan to set your child off on a strong path.

  • Planning for College: How Do You Start?
    • Don’t know where to begin? This short blog post from Sallie Mae has helpful tips and tools to put that planning process in motion.
  • College Savings Calculator
    • Use this calculator from investment manager Vanguard to estimate how much money you’ll need to save to send your child to college. You can estimate based on your child’s age and how much you can contribute to a savings plan per year.
  • College Savings Planner
    • This Sallie Mae website helps develop a plan to save what you’ll need. Whether college is around the corner or down the road, you can customize your plan to fit your specific needs.
  • MOST, Missouri’s 529 Education Plan
    • Administered by the Treasurer’s Office, MOST is a tax-advantaged savings plan for education expenses. Visit this MOST 529 Facts page to learn about how families can save money now, while saving for the future.

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  • What else can you do to prepare?
    • From identifying careers to explaining AP credits, this resource from the Missouri Department of Higher Education & Workforce Development contains information to help your child make the right choice for post-secondary education.


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