 TITLE: How to Save Money for College CONTENT: How Much Should I Save for College?\n-----------------------------------\nThe average cost for in-state college tuition in the United States is $10,230 at public four-year schools for the 2018-19 academic year, according to the College Board. Out-of-state public school tuition is even higher, coming in at $26,290 on average. And that doesn't include room and board. Multiply tuition plus living expenses by four years, and you may want to give up before you begin. Don't. While college costs can be staggering, your goal is to set aside as much as is financially feasible for your situation, knowing that you may have to supplement whatever you do save with student loans down the road.\nHow much you pay for your child's college will depend to some extent on where your child goes to school. For example, out-of-state public school tuition in South Dakota costs less than in-state public school tuition in New Hampshire or Vermont. Private schools tend to charge high tuition, but some offer large discounts for lower-income families, highly accomplished students or stellar athletes. Various factors, including scholarships, legacy considerations and where your child lives, all contribute to the total cost of college.\nBecause it's impossible to know when your child is a toddler—or even a sophomore in high school—where exactly they will attend college, it's best to consider other factors when trying to determine how much to save for your child's college education, such as:\n*   Whether you're on track with retirement savings\n*   How much discretionary income you can afford to set aside\n*   What you expect your child to contribute\n*   Whether your child lives at home during part or all of college\nProbably the most important factor when considering how much to save for your child's future education is whether you're putting away enough money for your own retirement. Experts note that while you can borrow money to pay for your child's education if you have to, you can't borrow for retirement. So if you haven't begun planning for retirement yet, start there.\nAlso make sure your credit card debt is low (or ideally paid off every month) and you've set aside at least a small amount of money for an emergency fund. Once these considerations are in place, it's time to figure out what amount you can put into savings each month-—without putting your retirement or other major financial goals at risk. END