Dollars And Degrees: The Cost Of Education - APEX Financial Group/Mount Vernon Investments

As we approach the back-to-school season, I wanted to discuss an important topic that might be on your mind: the cost of education. Whether you have children or grandchildren preparing for college or considering furthering your education, it’s important to understand the financial side.

Let’s delve into some eye-opening statistics about the cost of college. In 2022, the average amount families spent on college reached $25,313. Interestingly, family savings and income covered 54 percent of this amount, highlighting the importance of diligent financial preparation. Scholarships and grants accounted for 26 percent, while student borrowing constituted 18 percent.¹

In 2023 the projected average household cost for back-to-college shopping is $1,367, while back-to-school shopping may average $890 per household.²

Let’s proactively address the financial aspects of education and create a strategy so that you and your loved ones can pursue your academic aspirations. We can work together to help you prepare for any upcoming educational expenses.

^{1. SallieMae, 2022, How America Pays for College}
^{2. NRF.com, 2022}

APEX Financial Group

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