Published On: September 1st, 2015|

NPR – Claudio Sanchez

“So if you add up all the college costs that students and parents probably didn’t plan for — the stuff that isn’t tuition and room and board — how big is that number? The National Retail Federation estimates that, this year, it will total $43 billion. That’s a hard number to grasp, so let’s break it down to one family — mine. With our daughter now beginning her fourth and hopefully final year in college, here’s one thing I’ve learned: No matter how much you plan to spend, it won’t cover everything. Not even close. And just to make sure I’m not way off, I checked in with Jim Chilton, a family financial adviser who helps parents plan for these costs. The obvious one, that’s often jaw-dropping: textbooks. Depending on your child’s major, they can be super expensive. Like the meteorology book Chilton’s own son once had to buy: “$325 used — $510 new,” he says. Chilton is the founder of a nonprofit called the Society for Financial Awareness, which promotes financial education. But the real source of his expertise? “I lived it.” He put five kids through college. So Chilton feels my pain.”(more)