For many families, the biggest barrier to saving for college is the sheer enormity of the college price tags in question. With the soaring costs, it can be hard to believe that putting a little bit aside every month will actually make college more affordable.
But you might feel differently if you consider these two financial aid factoids, courtesy of Mark Kantrowitz of Edvisors.
1. Every dollar you save is a dollar that you won’t have to borrow to pay for college.
2. Every dollar you borrow to pay for college will cost about two dollars by the time you repay the debt.
Even a small increase in how much you save now can make a big impact on how much you’ll need to pay back later.