When you work in the business of financial planning, it’s common for friends and acquaintances to ask for advice on how to financially prepare for major life events such as retirement, end-of-life care and, of course, becoming a parent. Parenthood is a rewarding, beautiful part of life, but also an enormous financial responsibility.

While a majority of parents (understandably) focus on how to pay for day-to-month-to-year childrearing costs, not enough plan how to pay for future costs related to higher education. More than half (56%) of millennials saving for college are still paying back their own student loans — an indication that those who have experienced the burden of student loans want to prevent their children from having to deal with similar circumstances in the future.

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