What Parents Can do to Save More for College

Raising a child is no small task. Though it's no surprise that parenting requires a substantial investment of time and energy, the financial cost of raising a child might raise more than a few eyebrows. According to the SmartAssetTM 2024 Study, the median annual cost to raise a child in the United States in 2024 is $22,850, and that figure is considerably higher in many states. Commitment and discipline are vital to getting across the financial finish line when raising a child, and that includes finding a way to finance a college education. Data from the College Board, a nonprofit that studies trends in the cost of a college education, indicates the cost of tuition and fees varies widely depending on the type of institution. Tuition and fees at an in-state four-year public school cost a little more than $11,000 during the 2023-24 school year, while it was nearly four times as much ($41,540) at a private nonprofit fouryear institution.