By: Guest Blogger Marcos Cordero, GradSave CEO
This month millions of college students are returning back to school. And for most, this return to classes also comes with the financial stress of paying for food, books and, of course, the outrageously high cost of tuition. At this rate, today’s newborns will have to pay as much as $232,000 for private college and $81,000 for public college, according to the College Board - an astounding 111% and 167% increase! These costs really add up and can be overwhelming for kids just being tossed into “the real world” for the first time, particularly when you are also the only one paying for college.
This is why I believe it’s so important for parents to teach their children financial responsibility from a young age and the importance of planning ahead. There are a number of ways to help them prepare for their future costs of education. One of the best ways is with GradSave, an online college savings registry and gift-giving platform.
When a GradSave account is opened, parents create a child profile that includes pictures and a personalized webpage for the child. Then, friends and family can be invited to contribute via Facebook, e-mail, or even on regular invitations with a dedicated child URL. As time progresses, those invited can easily contribute directly to a child’s college savings plan at birthdays, holidays, baby showers, religious ceremonies and other important events, instead of trivial gifts like toys and clothes, which will probably be thrown away after some time. Gift cards can even be purchased that are redeemable such as any other retail gift card.
GradSave is truly unlike anything else for college savings. Not only do their savings grow tax free, but also kids are taught the value of a dollar.
For more information, visit www.gradsave.com.