Like most forms of expenditure the costs are rising each year with some forecasters predict that tuition fees will double during the next decade.
But help could be at hand with a new online platform called Instagrad.
Instagrad makes it easy to invite friends and family members to contribute to your child’s higher education. Instead of them filling up their cupboards with yet more toys and games at Christmas and birthdays, they can make a donation via the crowdsource site.
On the site you set up a profile of your child and then send it to your network via email and/or social media accounts. Friends and family members who want to contribute then make a donation which goes directly into your child’s 529 college savings plan.
Instagrad also comes with a number of features that allow you to build a mailing list, set up gifting occasions, send out invitations, and keep track of each donated gift.
The invitations include a link back to the site that takes donors through three steps to make their gift.
For donors, the rewards come from playing an even bigger part in the lives of the children in their circle, and helping them in the pursuit of their goals.
The site makes its money by applying a 5% fee to the funds collected.
For more information about Instagrad and how it works click here.