Kam Wong
When should you start preparing for your child’s college education?

The average college cost for a 4-year public college is $12,796; and a 4-year private college will cost, on average, $30,367.* With total costs for both public and private schools increasing at a rate above inflation, most experts suggest you start saving for your child’s education at birth.

That's why MCU is prepared to help you and your child achieve their educational goals. One of the best ways to get started is with an MCU Coverdell ESA. This is a special savings account that allows a parent, grandparent, or guardian to contribute up to $2,000 per year on behalf of their child or grandchild. The sooner you open one, the more money your child will have when it's time for college.

If your child is already in high school, MCU has come up with a number of ways you and your child can prepare to pay for college:

  • Freshman year is the time to make sure your child is taking the right courses, getting good grades and that you and your child are contributing to a savings plan. With an MCU Youth Account, your child can help pay for their own college education, while teaching them how saving can help them realize their dreams.
  • Junior year is the time to investigate and visit the different colleges your child would like to attend. It is also time to look into MCU Scholarships. Your child may have a talent, interest or academic qualifications that allow him or her to qualify.
  • During Senior year, make sure student loans are secured and your budget is in line as your child is soon getting ready to enter college. If they have not done so yet, your child can open an MCU Share Account (Savings Account) with as little as $5.00, giving them access to their money 24/7 through their MCU Cash Connection ATM Card. They can also enroll in MCU Online Banking to help them manage their savings while they are in college.

See an MCU Representative and ask how MCU can help you and your child finance an important step in your child's future or visit us online at www.nymcu.org.

* Source: College Board