Posted on November 21, 2013 at 1:04 PM
Planning to pay for your child's college education can be overwhelming for parents.
For example, one school year for 18 University of Washington students costs about $500,000.
"You're not just looking at college, you're looking at their whole situation." Financial planner Kerry Wallingford said parents first need to come up with their own comprehensive financial plan.
"Parents need to consider retirement and college at the same time."
According to Wallingford the average yearly cost of going to a public university in our state is $22,000, the average cost of private school - $42,000.
"Students who graduate with $60,000 in debt will have $800,000 less for their own retirement," Wallingford encourages parents to save as much before college and apply for as much financial ad as possible.