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Saving money to pay for college for your children is scary and
intimidating. The total average estimated costs of attending a UC
School for a California resident living in university housing for 2007-
2008 is $23,980 (source: http://www.universityofcalifornia.
edu/admissions/payingforuc/costs.html ). Multiply this by four or five
years and add in tuition and living expense increases, the total cost
is frightening!
To save around $100,000 to pay for a child that will begin attending
college four years from now means that you would have to start
saving $2393 per month if you were earning a 6% rate of return
to pay for four years. It makes you wonder, is there a less harrowing
way to finance this?
The answer is yes, there may very well be. It may include refinancing
your house. Yes, I know you may have a great rate that you don’t
want to change. And yes, I know you want to pay your house off,
not take more money out! Well, that means you have three goals
that may not all be compatible. So you may have to choose the
alternative that you can best live with. The one that stinks the least!
Using my Total Cost Analysis I can help you see the impact
refinancing would have on your college financing. We can look at
different loan programs, assume different rates of return, and try
different loan amounts. I can do this for you without any cost or
obligation. Simply fill in the boxes below and I will contact you to
discuss your situation and run the analysis for you. I’ll show you the
numbers, and then you can decide what you want to do.
intimidating. The total average estimated costs of attending a UC
School for a California resident living in university housing for 2007-
2008 is $23,980 (source: http://www.universityofcalifornia.
edu/admissions/payingforuc/costs.html ). Multiply this by four or five
years and add in tuition and living expense increases, the total cost
is frightening!
To save around $100,000 to pay for a child that will begin attending
college four years from now means that you would have to start
saving $2393 per month if you were earning a 6% rate of return
to pay for four years. It makes you wonder, is there a less harrowing
way to finance this?
The answer is yes, there may very well be. It may include refinancing
your house. Yes, I know you may have a great rate that you don’t
want to change. And yes, I know you want to pay your house off,
not take more money out! Well, that means you have three goals
that may not all be compatible. So you may have to choose the
alternative that you can best live with. The one that stinks the least!
Using my Total Cost Analysis I can help you see the impact
refinancing would have on your college financing. We can look at
different loan programs, assume different rates of return, and try
different loan amounts. I can do this for you without any cost or
obligation. Simply fill in the boxes below and I will contact you to
discuss your situation and run the analysis for you. I’ll show you the
numbers, and then you can decide what you want to do.
Saving For College