College is one of the largest investments many families make, right alongside buying a home or saving for retirement. And like any big investment, it deserves a thoughtful plan.

Today, the cost of a four-year private college is approaching $60,000 a year, and in some cases, it’s closer to $100,000 a year, while in-state public universities hover around $25,000 annually. With numbers like these, it’s natural to wonder: Is college still worth it?

The good news: for most students, higher education continues to pay off over a lifetime in higher earnings and lower unemployment. But not all degrees—or schools—offer the same return on investment. That’s why smart college planning means more than just saving up—it’s about making informed decisions that balance today’s costs with tomorrow’s opportunities.

Here’s how to think about it:

1. Cost vs. Value: Not All Degrees Are Created Equal

It’s tempting to think of education as a guaranteed ticket to success. In reality, the long-term value of a degree can vary significantly based on the school, the major, and how a student leverages their education.

Fields like engineering, computer science, and healthcare tend to deliver the highest earning potential. According to recent Bureau of Labor Statistics data, median annual earnings for STEM (Science, Technology, Engineering and Math) majors often exceed $100,000. Meanwhile, fields such as education, social work, and the arts may offer lower average incomes, though they still offer meaningful and fulfilling career paths.

The takeaway: Choosing a major is not just an academic decision—it’s a financial one, too. That doesn’t mean passion should take a back seat to paychecks, but it does highlight the importance of aligning education choices with career and financial goals.

2. College Isn’t the Only Path to Success

While college has long been seen as the default next step after high school, today’s students have more options than ever.

Technical certifications, associate degrees, and apprenticeships can offer focused skill development at a much lower cost—sometimes leading to careers with strong income potential and less debt. In fact, research from Georgetown University’s Center on Education and the Workforce shows that some workers with associate degrees or certificates can out-earn those with bachelor’s degrees.

For some students, a traditional four-year degree still makes the most sense. For others, a different path could offer a faster, more affordable route to independence.

The key is knowing that education planning doesn’t have to be one-size-fits-all.

3. Smart Saving Strategies: Start Early, Stay Flexible

Whether your student’s future includes college, a technical program, or something else entirely, saving early gives you more options—and more financial breathing room later.

Some of the most effective education savings strategies include:

• 529 Plans:
  These accounts offer tax-free growth when used for qualified education expenses. Recent updates now allow limited rollovers to Roth IRAs and expanded uses for apprenticeships and student loan repayments. Some states also offer tax deductions or credits for contributions. 
• UGMA/UTMA Accounts:
  These custodial accounts give greater flexibility in how funds are ultimately used, though they don’t carry the same tax advantages as 529s. 
• Direct Tuition Payments:
  If grandparents or other family members want to help, paying tuition directly to an educational institution can bypass gift tax limits.
  
• Education Trusts:
  For families with complex needs or significant assets, customized trust structures can offer even more control and flexibility around how education funds are used. 

No matter which strategy you use, the goal is the same: align your education savings approach with your overall financial plan.

4. Keep the Big Picture in Mind

It’s easy to focus just on the rising cost of tuition, but college planning is about more than dollars and cents. It’s about giving your child, grandchild, or loved one the best possible start in life—while protecting your own financial future, too.

At Uplevel Wealth, we help families look at education funding as part of a broader strategy:

• How will college expenses impact your retirement timeline? 
• What trade-offs are you willing to make—or not make—to help fund education? 
• How can you keep your options open, even if plans change along the way? 

By answering these questions early, you can move forward with more confidence and less stress—knowing you have a plan that supports both your family’s dreams and your financial well-being.

Final Thoughts

An investment in education can open doors for a lifetime. But like any investment, it’s most successful when paired with a thoughtful strategy.

If you’d like to talk about how education planning fits into your bigger financial picture, we’re here to help. Together, we can design a plan that gives your family options—and peace of mind—for the road ahead. 

Uplevel Wealth is a fee-only, fiduciary wealth management firm serving clients in Portland, OR, and virtually throughout the U.S.