Want to start planning and saving for college but not sure how? MEFA’s College Planning Tool is the perfect place to start. The tool can project your future college savings, estimate what college might cost for you, and help you discover colleges and scholarships. Get started with the College Planning Tool.
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[00:00:00] Hi everyone. Jonathan here from MEFA. Here’s the question I get a lot from parents of young children. How much do I need to save every month to pay for college? Thanks to MEFA’s college planning tool, you can take the first step to help figure that out. Here’s how it works. First. Visit MEFA.org/college planning tool and click on the orange.
Use the tool button. Next, create a profile for your family and make sure to include the ages and grade levels of your children. Click into the financial center, which will calculate when each child will likely enter college. Then record any college savings funds your family already has, and any amount your family is saving on an ongoing basis.
With this information, the tool will estimate how much you will have in savings. To help pay the college bill when the time comes, the tool can do more than just estimate your savings. It can estimate the future costs of a college and [00:01:00] help you plan accordingly by entering some limited financial information under the college cost tab, such as income.
The tool will calculate how much financial aid you may receive by selecting a specific college or a type of college. Under your colleges, the tool will estimate what the sticker price may be when your child will attend. If the tool predicts, you’ll have a shortfall. It will let you know so that you can increase your savings.
Explore less expensive colleges or apply for additional scholarships. Check out MEFA’s college planning tool to create your family’s college savings plan. Get started at mefa.org/college planning tool.
