It’s almost cap-throwing season! Every year around this time, young adults are putting the final touches on their high school careers and preparing for the road ahead. It’s an exciting time as students prepare to experience an atmosphere they’ve only witnessed in the movies. With college applications completed and sent, it’s now time to make the decision on where to go. However, if there’s one thing that unifies universities nationwide, it’s the cost.
It goes without saying, college is extremely expensive. But with tuition on the rise seemingly every month, it’s more imperative than ever that financial plans be made far in advance. Just this year, public four-year colleges experienced a 4.8 percent increase in average in-state tuition. With the average cost now hovering around $8,655, this significant financial hurdle has been raised even higher. It doesn’t stop there for prospective students, as more expenses quickly add up. In addition to the base tuition rate, students are expected to pay for food, books, as well as room and board (which itself averages about $9,200). Throw in the possibility of fraternities and sororities, sports teams and other service/equipment fees, which all raise the bill. After it’s totalled, the cost is daunting in more ways than one. The cost of an education has quickly turned into a lifelong investment for nearly every family.
In most cases, this financial burden falls directly on you as parents. To alleviate education costs, it is common to take out school loans, qualify for grants or seek scholarships. It is up to the parents to shoulder the majority of this load until the student has landed a job, and modest paycheck. However, in the tragic event that the student outlives the parent, who is left to pick up the financial pieces? Who will be called upon to sustain the financial responsibility? A full-time student usually doesn’t have the ability to continue to pay these mounting educational fees.
But there is hope! This optimism comes in the comforting form of life insurance. Protect yourself from worrying about costs, if you are no longer able to provide. The money backed by your policy will be able to pay these fees and keep your child on the path to graduation. By seeking an unbiased term quote from SelectQuote, you will take the necessary measures to provide your family with sufficient financial footing. A life insurance policy offers serenity in knowing that your child can continue to pursue their dream, and one day throw their cap high into the air and make that iconic walk across the university stage.