What You Need to Make to Avoid College Debt

GOBankingRates recently conducted a study to uncover how much money parents in each state would need to make annually to live comfortably and pay for their child’s tuition at a four-year institution.

Researchers used College Board data to uncover the average price of tuition and fees at public four-year institutions, and then factored in the cost of living in each state by identifying the dollar amounts required to cover necessities like a mortgage, groceries, utilities and more. Additionally, researchers calculated what parents would spend on splurges and savings using the 50-30-20 budgeting role, in which 50% of income covers necessities, 30% covers discretionary items and 20% is reserved for savings.

The study found the states in which parents must make the most money to live comfortably and pay for college are:

• Hawaii: $126,454.40;
• California: $106,770.82;
• Massachusetts: $96,573.07;
• Colorado: $91,700.33; and
• Connecticut: $91,140.89.

The states in which parents must make the least money to live comfortably and pay for college, according to the study, are:

• Indiana: $62,091.05;
• Arkansas: $62,596.15;
• Ohio: $62,931.10;
• Missouri: $63,618.01; and
• Kentucky: $64,110.64.