Saving even one or two dollars more a day for college can have a big impact on your child or grandchild's ability to attend the school of her choice, graduate on time, and avoid too many hours at a school-year job. Each dollar saved for college could protect $3 or more for retirement.1
For example, a "typical" couple, earning $60,000 in income (just under the median U.S. income for a family of four) with two young children (ages 2 and 5) can protect their retirement savings and send their kids to a typical, four-year public university, by saving an additional $4.42 per day.2
1The Impact of Paying for College on Family Finances, Laura Tyson and Joe Stiglitz, November 2000.
2Closing the College Savings Gap, Sebago Associates, November 2005.
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