Page 17 Portland Observer JUNE 22,1989
can grow until the child reaches c o l
lege age. Another strategy is to enact
a savings/invcstmeni program that
permits m onthly installments. One
advantage o f this system is that pay
ments can be adjusted to increases in
As the school year draws to a
college costs, inflation and the par
close, kids everywhere arc gearing ,
ents’ m onthly budget. For those w ith
up fo r summer vacation. But when it ;
younger children-parents who have
comes to putting those kids through
more years in which to build assets--
college, parents get no holiday from
this can be an cs|X*cially attractive
concern about rising costs and how I
option.
to meet them.
But what about couples whose
Their concern is justifie d, accord
children arc ready lo r college now,
ing to the U.S. Department o f Educa
or in 1990?
tion, costs for college have risen dra
W hile it must be viewed as costly
m atically -- about 70 percent - since
and less appealing than other op
the beginning o f this decade. W hile
tions, borrowing to fund college
the rate o f increase m ight slow some,
expenses also is an alternative. But
no doubt the general upward trend
total payments on these loans, w ith
w ill continue.
interest, w ill far exceed the actual
W hat’ s a parent to do? “ As with
cost o f the schooling.
most personal finance issues, llie key
I t ’ s challenging, at best, to antici
to successful education funding is
pate all the factors that can affect
planning,” said Chris Schcllcr, a
college funding. But not a ll o f them
division manger at W addell & Reed
are bad. Beyond the. components
Financial Services here.
already discussed-public or private
The planning process, according
school, four-year degree or graduate
to Schcllcr, begins w ith addressing
school how I on i’ before the kids enter
some key questions. Questions such
collcgc-odicr factors easily can come
as: W ill my child attend a public or
into play. Scholarships, grants, work
private university? W ill he or she
study programs and other forms o f
attend graduate school? “ D iffic u lt
financial aid often arc available to
questions, yes,”
said Scheller,
ease the parent’s burden. So, too, can
“ because the child m ight be very
grandparents who adopt the educa
young today. But facing these issues
tion o f grandchild as a w orthy expen
early helps guide the investment strat
diture. “ A ll o f these factors under
egy. Attem pting to predict 15 years
score what is perhaps the most c riti
I into the future is hard, but starting
cal point o f all,” Scheller said. “ There
now puts lim e on the parents’ side.”
is no one investment strategy that’s
T hey’ ll need the time, too. A c
right fo r everybody. But planning,
cording to the College Board the
and especially planning that begins
average cost o f a single year o f co l
as soon as possible, can help parents
lege at a public institution, including
prepare for the co stof educating their
tuition, books, room and board, w ill
children.”
W addell & Reed, based in Kansas
be $6,172 fo r the school year begin
C
ity,
M O ., has more than 200 local
ning in the fa ll o f 1989. That cost is
offices
nationwide and has been in
projected to rise to more than $11,700
the
financial
services business for
by the single year is projected at
more than 50 ycars.The company
$13,699, and like ly w ill increase to
manages more than $7 b illio n for
more than $26,000 in the year 2000.
more than 600,000 clients. It offers a
According to Scheller, numerous
wide array o f financial planning prod
options exist for funding education.
ucts and services, as w ell as a variety
One such option is to make one or
o f insurance products through a ffili-
several “ lum psum ” investments that
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