Sunday, February 11, 2007

Paying for College Tuition

So your thinking about college for your middle schooler and you are wondering how much you will need to save to fund their college education. I was trying to find a website that compares the tution cost for major Michigan colleges and universities. I was successful in finding a few, so I decided to put together a list of resources about paying for college. First of all before I get to the list I wanted to understand the cost of 2 of Michigan's largest university. Below are the in state annual costs for Michigan and Michigan State Universities, the costs below include tuition, room and board, fees and in some cases books. I know it looks expensive but not as expensive as I have heard. I though someone told me that the cost for University of Michigan tuition was like $40,000 per year. It is actually more like $22,000 per year so that good, I am getting it for half price compared to what I thought it would be.

University of Michigan $21,924
Michigan State University $14,937

Top 10 Resources on Pay for College Tuition: So here's the list everything from Websites that allow you to search for financial aid to tuition costs and so on. If you have a good resource and would like me to post it just leave a comment and I will check it out and add it.

  1. College tuition cost: Infoplease has a great site that allows you to compare college tuition costs by State. I thought it was a pretty good site and look faily up to date. It includes both public and private universities and colleges.

  2. College tuition saving calculator: USA Today always has a good set of financial calculators that are easy to undersand and use. Calculating the college tuition cost requires a little guess work on your part since you will have to understand and assume and inflation rate and a rate of return for your investments. However, it this calculator does give you a good idea of what you will need to save.

  3. Compare 529 Plans: The next site that I found allows you to compare 529 plans.

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