Based in Tulsa, Oklahoma, Frank Mitchell Mamola has spent 10 years as a financial advisor, a position that involves the management of investments for more than 350 individuals and families. As a financial planning professional, Frank Mamola is knowledgeable in areas of long-term investing and saving, such as retirement planning and saving for college.
Obtaining a college education in the United States is as much a question of economics as it is academic aptitude. In fact, while America ranks as one of the most popular destinations for international students, it ranks just as high in regards to overall expenses. According to a 2018 Hongkong and Shanghai Banking Corporation (HSBC) study, the average student at an American university will spend approximately $99,417 in pursuit of an undergraduate degree.
Fortunately, there are a number of options when it comes to mitigating the cost of a college degree. For example, out-of-state tuition at state-run colleges costs about $26,290, compared to $10,230 for in-state students. And 2-year programs at community, technical, and city colleges are even more affordable at less than $4,000 per year. While students will need to continue their education elsewhere to obtain a 4-year degree, these schools provide associate's degrees and significantly defray total costs.
On the other end of the spectrum, annual costs at a private 4-year college can approach $49,000, more than 71 percent of the median household income. With these exorbitant costs in mind, it is important for families to begin devising a college savings plan as early as possible. In addition to considering a local state college or 2-year program, families are strongly advised to discuss their options with financial advisors with experience in college saving strategies.
Obtaining a college education in the United States is as much a question of economics as it is academic aptitude. In fact, while America ranks as one of the most popular destinations for international students, it ranks just as high in regards to overall expenses. According to a 2018 Hongkong and Shanghai Banking Corporation (HSBC) study, the average student at an American university will spend approximately $99,417 in pursuit of an undergraduate degree.
Fortunately, there are a number of options when it comes to mitigating the cost of a college degree. For example, out-of-state tuition at state-run colleges costs about $26,290, compared to $10,230 for in-state students. And 2-year programs at community, technical, and city colleges are even more affordable at less than $4,000 per year. While students will need to continue their education elsewhere to obtain a 4-year degree, these schools provide associate's degrees and significantly defray total costs.
On the other end of the spectrum, annual costs at a private 4-year college can approach $49,000, more than 71 percent of the median household income. With these exorbitant costs in mind, it is important for families to begin devising a college savings plan as early as possible. In addition to considering a local state college or 2-year program, families are strongly advised to discuss their options with financial advisors with experience in college saving strategies.
