Juggling college payments is even more complicated when you add a divorce into the mix. These tips can help make sure your children’s college dreams don’t suffer.
Anticipating college tuition bills is nerve-wracking for most parents — and can be even scarier if you’re in the midst of a divorce.
Yet careful planning can help ensure you put your children in the best possible position to get a higher education following the dissolution of your marriage.
About 4 in 10 marriages end in divorce, according to a recent study by TD Ameritrade. Yet two-thirds of married couples don’t have a financial plan in the even of divorce of a spouse’s death.
That can have a real impact when it comes to planning for college costs, which have been going up at a rate of at least about 3 percent per year, according to the College Board.
Tuition, fees, and room and board cost an average $46,950 for the 2017-2018 school year for a private nonprofit four-year college, according to the College Board, and $20,770 for a public four-year in-state school. By taking the proper steps in advance, you can help protect those college dreams.