Comerica Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Comerica provides health, dental, and vision insurance, along with life and disability coverage. Employees benefit from a range of retirement plans including 401(k), defined benefit, and deferred compensation options. Additional perks include financial planning services, loyalty rewards, and prepaid card programs. The company also offers identity theft protection, pet insurance, and flexible voluntary benefits 6. Comerica As ACA premiums rise, Comericas layered insurance and retirement benefits help employees maintain affordable coverage and financial stability. Employer-sponsored plans remain a vital buffer against rising healthcare costs. Click here to learn more

It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our Comerica clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For Comerica employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For Comerica employees who already put money away for college, the worksheet will take that amount into consideration. For Comerica employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these Comerica employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

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Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College