Transcript for Give Your Kid's College Fund a Big Boost
We're back with "Gma's" "Real money." How to save for college. Four year schools easily top $100,000 and Rebecca Jarvis is back with a little-known way for parents to help save for that. Absolutely, George. It is staggering how quickly the cost of college is climbing. If you know the tricks you can seriously cut those costs. Mommy. Reporter: Meet the kerrs of Denver, Colorado, this family of five is excited about the future but daunted by the prospect of sending three kids to college. I think it's absolutely overwhelming. Reporter: Overwhelming is right. The average cost of a four-year public college today is $33,000 a year. That's more than $130,000 per child. To help navigate we brought in Lynette khalfanny-cox, author of "College secrets." Families always say to me I can't afford to save and I tell them you can't afford not to save. Reporter: Setting aside $20 a month from the time a child is born adds up to more than $4,300 by the time she's ready for college and it's not just what you save, but how save. Put that money in a 529 savings plan and you'll have saved more than double that. $8,730. These 529 plans are transferable, they're portable and they have tax advantages. Reporter: Finally says Lynette explore individual development accounts or idas, perfect for families with low to middle incomes. It's one of the best kept secrets out there and, frankly, it's one of the ways you can turbo charge young for those young Coming up, the best kept secret to turbo charge your she did for applying to college. I love her for it and ended up paying for half my expenses with scholarships. Great resources out there. Studentscholarships.com and the college board list a number of places to find them. Thanks very much. We'll be right back.
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