Save for College - My Allstate Financial Solutions

No matter what, the expense of getting through college is worth it. Over the course of his or her lifetime, the average high-school graduate will make about $1.2 million. The average college graduate will make almost double that—$2.1 million. Sounds like a great deal, even for those students who graduate college with $20,000 or so of student loans.

There are some amazing statistics out there about how much college costs. For a four-year school, you've probably heard of numbers that sound impossibly large—sometimes beyond $100,000 for a private college.

The good news is that the numbers don’t have to be so high. The average public college or university charged less than $13,000 last year. If that still sounds like too much, there's more good news: Financial aid is always an option.

More Than 15 Years Away

So why would you use a college savings plan? As you've probably figured out, there are lots of reasons. Instead of paying interest on the loans, your savings will earn interest. Putting money in a college savings fund is a great way for doting grandparents to give gifts with long-term value. And graduating with less debt can help your child enter the adult world with less stress and more confidence.

There's even better news: These days you can pay fewer taxes on the money you set aside for college. It's a great time to think ahead, even if your children are still in diapers.

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