This post contains opinion of Misook Yu and it may not apply to you . Consult a financial advisor to discuss your own situation.

In recent decades, US college tuition has been increasing at a higher rate than the average cost of living, which makes going to college more expensive than ever. According to US News & World Report, about 70% of US students graduated with $28,400 in debt in 2013. While certain schools and majors are better than others when it comes to costs and benefits, getting a college degree is unquestionably the best way to earn higher wages for most people. Unlike other consumer loans such as credit card debt and auto loans, student loans are extremely difficult to get rid of through bankruptcy. In some cases, even if a borrower became perm

anently disabled or even if he/she died, the student loan may not be forgiven. Therefore, people must take student loans very seriously and carefully plan for college education costs. Like any financial goal, the earlier you start planning, the better you will be prepared. So it’s never too early to plan for your child’s college savings, and a late plan is better than no plan. Talk to a financial advisor now to find out what you can do to help your children’s education costs.

Click here for information on tax advantaged education savings accounts.