HUG Your Student Debt, Inc.^™

Over the years I have seen many retirement plans ruined, simply because substantial amounts of investment dollars, originally allocated for retirement, were used to pay for college education.

This selfless act of support can create a long-term problem for the retiree. However, it is not the act of paying for the education that is at issue but rather how and when you choose to pay is what needs to be explored.

First, let's take a look at general college costs; according to collegedata.com the average cost of tuition and fees for the 2016–2017 school year was $9,650 for state residents at public colleges, $24,930 for out-of-state residents attending public universities and for those in private colleges the average was a whopping $33,480 a year. Add to that room and board, books and supplies, ancillary living expenses and possible travel costs needed for either the student or family members throughout a school year, and you have a hefty draw down of savings.