()What amount will my child need to pay for college? What about the cost?

The cost of a four year degree has risen eight times faster than wages over the past 80 years. These two questions can give parents serious night sweats. There are two possible explanations for this disconnect: Administrative costs or the cost of the degree. Do you want fancy amenities? But you can tell there is a problem when an Education Week writer gets angry.

“Madness,” she decried.

All the more reason to put May 29 on your agenda.

Also known as National 529 College Savings Plan Day. 5/29 5/29?

“It’s a way of keeping your son or daughter from being saddled with too much debt when it’s time to jump start their careers,”Melissa Ridolfi is vice president, retirement and college products at Fidelity Investments. “Plus, any investment earnings compound on a tax-deferred basis, and qualified withdrawals are entirely free from federal and state income taxes.”

Let’s now get to the real question. How much?

There are two main factors at play.

* Public vs. private schools.The cost difference could be as staggering as it sounds “Avengers: Endgame’s”Record $357.1 million domestic opening weekend haul. This is an average of $21,370 per year, as compared to $48,510 for the latter.

* The percentage of the bill you plan to foot. You should reconsider relying on scholarships or other grants to pay the entire tab unless your child is a true child prodigy, or a football star. Sallie Mae’s “How America Pays for College”2018 report showed that only 28 percent of college expenses were paid by both these categories.

Let’s see, where did 47 percent of these costs come from? You are correct. “family income and savings,”Additional 24 percent can be borrowed.

Ridolfi also said that it was a “simple way to say” “any way you look at it, the family is on the hook to pay the lion’s share of college expenses.”It is likely that this explains why Fidelity recently found that parents are starting to save more before their child turns two.

Fidelity allows you to see where your standing is. “the college savings 2K rule of thumb.”Simply multiply the age of your child by $2,000 to determine if your savings can handle roughly 50 percent of the College Board’s average $21,370/year cost to attend four-year public colleges.

You can also request a customized estimate, particularly if you are looking for a higher-quality estimate that allows you to play with percentages and switch between private and public schools. The firm offers a free online estimate. college savings calculatorIt takes the stress out of doing the math by yourself

Fidelity 12 savings ideasYou have two options to reach your goal. investment strategiesIn the 529 savings programs it manages, including an age-based portfolio fund that automatically becomes less conservative as the beneficiary approaches college age.

You’ll hopefully feel more rested at night if you have all of this information.