Is College in Your Child's Future?

It’s no secret that the cost of sending just one child to college for four years can be staggering.

The College Board Advocacy and Policy Center reported that over the past decade college tuition and fees have rapidly increased. However, this year the average increase is smaller than it has been in the past. The table below shows how average college costs would continue to increase at national average annual inflation rates.

Estimated annual college costs*

                         Public         Private           

2014               $19,598         $42,170

2019                $22,609         $50,814

2024                $26,083         $61,231

2029                $30,091        $73,784


*Total yearly costs for in-state tuition, fees, books, room and board, transportation, and miscellaneous expenses. Base is 2013-2014 school year. Costs for all future years projected by Wells Fargo Advisors in November 2013 assuming a 2.9 percent national average annual increase for public and a 3.8 percent national average increase per year for private.
 

Start saving early. It’s common to assume that saving will be easier in the future when you’re earning more, but as your family and income grow, so do your expenses associated with your standard of living. If you wait until your student is closer to college age, you may find you’ve waited too long and may face the prospect of scaling back the family’s finances in other ways to save for hefty tuitions, fees, and living expenses.

Put time on your side. When you start saving early, college savings can earn substantially more over time through the power of compounded growth. For example, suppose you start putting aside $100 every month for an 8-year-old child. Assuming a 5% annual growth rate, you’ll save $15,592 by the time your child is ready for college but will have invested only $12,000 out-of-pocket.

If you wait until your child is 15 years old to start saving, you’ll have to put more money aside each month to save the same amount, and your out-of-pocket investment will be much greater. For example, at the same 5% annual growth rate, it would take $400 per month to save $15,556 in time for college, and you’d have invested $14,400 out-of-pocket. (This information is hypothetical and is provided for informational purposes only. It is not intended to represent any specific return, yield or investment, nor is it indicative of future results.)

Know your options. Fortunately, parents and grandparents who intend to cover or contribute to a child’s education costs have more choices today than they’ve ever had. If you’ve not yet looked into an education savings plan, Wells Fargo Advisors can help you choose among a variety of savings vehicles, including 529 plans, Education Savings Accounts (ESAs), and custodial accounts. Visit wellsfargoadvisors.com/school for more information.

This article was written by Wells Fargo Advisors and provided courtesy of Jonathan Buoni in Northampton, MA, at 413-585-1432. Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE. Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. ©2014 Wells Fargo Advisors, LLC.  All rights reserved.
 

Pittsfield Celebrates Robert 'Bob' Presutti on Arbor Day

By Brittany PolitoiBerkshires Staff
05:33PM / Friday, April 26, 2024

Bob Presutti, right, is presented the Hebert Award in 2017 for his volunteer efforts at Springside Park. He died in 2023 at age 88.

PITTSFIELD, Mass. — A tree has been planted next to the Berkshire Athenaeum in honor of local "giant" Robert Presutti.

Officials celebrated Arbor Day on Friday by installing a commemorative plaque next to the American elm sapling. This is a tree that James McGrath, the city's park program manager, said Presutti would have been particularly proud of.

"Today is a day where we yes, celebrate trees, but today is also a day where here in the city we intentionally try to acknowledge the good work of folks in our community who spend their time and their efforts and their talents to make Pittsfield a more beautiful place," he said to a crowd of about 20 people.

"Today we are honoring a longtime community volunteer named Bob Presutti. I'm sure a lot of you here know Bob and know his contributions to the city, not only when it comes to trees and parks but also to the Retired Senior Volunteer Program."

The longtime volunteer passed away last year at the age of 88. He contributed more than 10,600 hours to RSVP and had great impacts on the Parks Department over the years from sharing his knowledge and talents to ensuring that workers were safe when working on trees.

"This morning I went through my emails to see how many emails Bob Presutti sent me since the year 2001 when I started with the city. Bob Presutti sent me 14,000 emails and nearly every single one of those was about trees," McGrath said, prompting laughter and smiles from attendees.

One thread struck him as particularly important because it showed Presutti's empathy when it comes to the safety of city workers while caring for trees.

"There were multiple emails from Bob about the need to get the Parks Department maintenance guys into a program learning about chainsaw safety and learning about ladder safety. He was really into making certain that our city workers were well cared for and had all of the instruction that they needed and in fact, he even offered his own time and services after he became certified to teach our city workers," McGrath said.