Why advisors encourage saving.

College costs add up.

There are many different types of schools that you can save for. Think beyond universities, and outside your state. With 529 college savings accounts, you can save for virtually any type of accredited two-year or four-year school including a public or private university, community college or vocational or trade school as well as for graduate schools in the United States and abroad. Just as the types of schools vary, so do their costs.

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The graphic above uses data collected by the College Board to show the difference in total costs for various types of colleges across the U.S.

It's less expensive to save than to borrow.

We all know that savings earns interest and borrowing requires paying interest. Borrowing can add stress for both parents and students and the repayment can be daunting. For parents, retirement might be just a few short years away and for a graduate, their independent life is just beginning. Saving on the front end can alleviate some of the financial stress down the road.

As the chart below illustrates, it's wise to save now rather than spend so much more in the future to pay back loans.

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1Source for data other than listed in footnote 2 and 3: The College Board, Trends in College Pricing 2016. Data for Books and  Supplies, Transportation and Other Expenses: Figure 1: Average Estimated Undergraduate Budgets, 2016-17 (Enrollment-Weighted).  Tuition and Fees and Room and Board: Figure 2. Average Tuition and Fees and Room and Board by Sector and College Board  Region, 2016-17 (Enrollment-Weighted)

2National Average Source:  The College Board, Trends in College Pricing 2016.  Figure 1: Average Estimated Full-Time Undergraduate  Budgets (Enrollment-Weighted) by Sector, 2016-17

3Source: Tuition and Fees:  Calculated the average by region from Figure 10. 2016-17 Tuition and Fees at Flagship Universities and  Five-Year Percentage Change in Inflation-Adjusted In-State Tuition and Fees.  Books and Supplies, Transportation and Other  Expenses:  Figure 1: Average Estimated Full-Time Undergraduate Budgets (Enrollment-Weighted) by Sector, 2016-17.  Room and  Board: For each schools listed by the College Board as Flagship Universities (Figure 10) actual room and board was determined for  each school and then averaged by region with data from the specified College Board Flagship Universities individual cost of  attendance reports on their website.