School Report - Parents Save for Kids' College Costs

1 decade 6 months 1 week ago June 02, 2006 Jun 2, 2006 Friday, June 02 2006 Friday, June 02, 2006 8:36:37 AM CDT in News

"It was more of what can we afford to do rather than how much did we need," explained Libby Hrbovsky, "because, I think, we both felt like there was no way to save for as much as we would eventually need to put three kids through college."

The Hrbrovskys also have four-year-old Sam, with Isabelle on the way.

"I don't think that a working-class family can save enough, especially for three kids, to pay for everything," Libby added. "I think what we're doing now we consider trying to get a head start on it."

Zoey's parents will save thousands of dollars for her education. But, with tuition increasing every year, will that be enough?

For this academic year, the average in-state tuition for a Missouri four-year public institution is $5,811. If you take the average yearly tuition increase from the past 10 years and add that percent increase to each year from now to Zoey's freshman year, you come up with an average tuition of $15,000 or $60,000 for four years of college. The Hrbrovskys plan to continue saving $150 per month for each child for 18 years, which will total about $32,000, only about half of what they'll need.

"I think we've all seen projections on what school's going to be in 10 years or 15 years," admitted Libby, "and it's a bit scary to see those big dollar figures come up."

Libby and her husband, Loren, also spend time and money studying for their own classes.

"He's in an undergraduate program now and I'm starting a graduate program, so we're paying out of pocket for that," explained Libby. "Plus, we're saving. So, once we get the old student loans taken care of and our current schooling taken care of, that's when we'll move on and hopefully bump up their savings as well."

The Hrbrovskys hope teaching kids about college now will help them grow into hard-working students.

"I just hope they do well in school and they see the importance of school and find something that makes them happy in that whey can make a good living at and do for the rest of their lives," Libby said.

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