Viking Magazine - August 2021 - 10

Finance
$9,687 at public in-state schools to
$21,184 at public out-of-state schools
to $35,087 at private schools.
Pandemic aside, the cost of college in
the U.S. is only expected to increase in
coming years. Case in point: To attend
the University of Minnesota-Twin Cities
in 18 years, it will cost you $300,000
for a four-year degree (this includes
tuition, room and board, books, etc.) as
an in-state resident. That's more than
double the $115,000 it currently costs,
according to a college cost projector
from investment advisor The Vanguard
Group.
So, whether you have five, 10 or 15
years until your kids (or grandkids)
enroll, the time to start formulating a
savings plan is now.
Smart College-Saving Strategies
With the rising cost of tuition, it's never too early to start thinking
about how you'll pay for your child's higher education. BY TAYLOR HUGO
he 2020-2021 school year marked the first time in recent memory
that colleges and universities didn't raise the cost of tuition-in
fact, it actually dropped an average of 5%, as private and public
schools across the country decided against tuition hikes that could
further devastate families financially impacted by the coronavirus
pandemic.
T
Even with the break in tuition hikes this past year, getting a
degree doesn't come cheap. According to U.S. News & World
Report, the average tuition and fees at ranked colleges ranged from
10 VIKING AUGUST 2021
sonsofnorway.com
For a complimentary
consultation with
your Sons of
Norway Insurance
Professional, visit
sofn.com/financial_
products
Saving Versus Borrowing
There's a popular saying in the finance
world: " A dollar borrowed costs more
than a dollar saved. " Translation: When
you take out loans for college, you'll
have to pay that money back-plus
interest. That's why financial advisors
agree that saving for college, rather than
borrowing, is the better financial move
in the long run.
To put this into perspective, Saving
for College-an unbiased, independent
resource for parents and financial
professionals-offers a " 529 savings
versus loan calculator " on its website,
savingforcollege.com. Using the
University of Minnesota example, the
current $28,942 annual tuition would
end up costing you $273,563 more
to borrow than to save 18
years from now, assuming
a yearly college inflation
rate of 5% and a
529 plan investment
return of 6%.
Of course, being
able to pay for college
completely in cash is

http://www.savingforcollege.com http://www.sofn.com/financial_ http://www.sonsofnorway.com

Viking Magazine - August 2021

Table of Contents for the Digital Edition of Viking Magazine - August 2021

Contents
Viking Magazine - August 2021 - Cover1
Viking Magazine - August 2021 - Cover2
Viking Magazine - August 2021 - Contents
Viking Magazine - August 2021 - 4
Viking Magazine - August 2021 - 5
Viking Magazine - August 2021 - 6
Viking Magazine - August 2021 - 7
Viking Magazine - August 2021 - 8
Viking Magazine - August 2021 - 9
Viking Magazine - August 2021 - 10
Viking Magazine - August 2021 - 11
Viking Magazine - August 2021 - 12
Viking Magazine - August 2021 - 13
Viking Magazine - August 2021 - 14
Viking Magazine - August 2021 - 15
Viking Magazine - August 2021 - 16
Viking Magazine - August 2021 - 17
Viking Magazine - August 2021 - 18
Viking Magazine - August 2021 - 19
Viking Magazine - August 2021 - 20
Viking Magazine - August 2021 - 21
Viking Magazine - August 2021 - 22
Viking Magazine - August 2021 - 23
Viking Magazine - August 2021 - 24
Viking Magazine - August 2021 - 25
Viking Magazine - August 2021 - 26
Viking Magazine - August 2021 - 27
Viking Magazine - August 2021 - 28
Viking Magazine - August 2021 - 29
Viking Magazine - August 2021 - 30
Viking Magazine - August 2021 - 31
Viking Magazine - August 2021 - 32
Viking Magazine - August 2021 - 33
Viking Magazine - August 2021 - 34
Viking Magazine - August 2021 - 35
Viking Magazine - August 2021 - 36
Viking Magazine - August 2021 - 37
Viking Magazine - August 2021 - 38
Viking Magazine - August 2021 - 39
Viking Magazine - August 2021 - 40
Viking Magazine - August 2021 - 41
Viking Magazine - August 2021 - 42
Viking Magazine - August 2021 - 43
Viking Magazine - August 2021 - 44
Viking Magazine - August 2021 - 45
Viking Magazine - August 2021 - 46
Viking Magazine - August 2021 - Cover3
Viking Magazine - August 2021 - Cover4
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