Financial Planning for Families
Managing family finances can be complex and time-heavy. MyTeleWealth offers personalized solutions to help you navigate financial challenges and pursue your goals.
Services:
"Plan for your children's future education expenses."
Education Savings:
"Tailored plans to meet your family's unique needs."
Comprehensive Financial Planning:
These statistics highlight the significant financial challenges families face in saving for and financing a college education.
Here are some eye-opening statistics about the current state of saving for college:
Rising College Costs:
The average cost to attend a four-year private college in the U.S. is approximately $53,980 per year, including tuition, fees, and room and board. For public colleges, in-state students pay around $23,250 per year.
Parent Loans:
Parents also incur significant debt, averaging $37,200 in parent loans for their children's college education.
Low Savings Rates:
Only 29% of American families are saving in 529 college savings plans. The average amount saved in these plans is about $5,000, which is significantly below the total cost of a college education.
Student Loan Debt:
Total student loan debt in the U.S. has reached $1.7 trillion, with the average student loan debt for Bachelor’s degree recipients being around $29,900.
Repayment Challenges:
About 13.5% of borrowers are in default on their federal student loans, and only 0.7% of borrowers have qualified for Public Service Loan Forgiveness.
