Unopened “College Fund” Bucket Goes Viral on TikTok, Highlighting High Cost of Education | Ani News USA

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A TikTok video featuring an unopened “college fund” bucket has gone viral on social media, garnering 9.9 million views in just three days. The video, shared by TikTok user @moistshamwow, shows a container filled with coins and dollar bills that have been untouched for 23 years. The accompanying caption reads, “When your parents set up a ‘college fund’ bucket 23 years ago, but nobody ever opened it.”

The popularity of the video has prompted many users to comment on the high cost of college education in the United States. According to data from a U.S. News survey, the average cost of college tuition has increased for the 2022-2023 academic year across public and private schools. The typical tuition and fee amount for attending a “ranked public college” in-state was reported to be $10,423, while private colleges cost an average of $39,723. Out-of-state students at public colleges paid an average of $22,953 for the same academic year.

The St. Louis Federal Reserve Bank also noted that a four-year college degree is associated with higher income and wealth, better health, and a decreased chance of defaulting on obligations. However, recent college graduates are faring less well than previous generations despite these benefits.

The comments on the TikTok video highlight the challenges many families face in affording a college education. Many users have joked that the contents of the unopened bucket might be enough to pay for just a few hours or days of tuition or other college-related expenses. Some have suggested that the money should have been invested to accrue interest over the years rather than being left untouched in a bucket.

The viral video underscores the importance of saving for college early and regularly. While the cost of higher education can be daunting, there are many strategies that families can use to make it more affordable. These include applying for financial aid, scholarships, and grants, choosing an affordable college, and pursuing a degree in a high-demand field.

In conclusion, the viral TikTok video featuring an unopened “college fund” bucket highlights the ongoing challenges faced by families in affording higher education in the United States. As tuition costs continue to rise, it is more important than ever for families to start planning and saving early for their children’s college education. By exploring all available resources and strategies, families can make higher education a reality for their children and help them achieve their full potential.

While the video has caused amusement and garnered attention on TikTok, it brings to light rising college costs and the importance of planning for higher education expenses.

One way to prepare for these expenses is by setting up a college fund or 529 plan. A tax-advantaged savings program called a 529 plan was created to help families save for future college costs. These plans are operated by states, state agencies, or educational institutions and offer tax benefits that vary depending on the state.

The earlier a family starts saving for college, the better, as it allows more time for the funds to grow and accumulate. Additionally, starting early can help ease the burden of paying for college out of pocket or taking out student loans.

While it’s unclear why the parents in the viral video never opened the college fund bucket, they may have forgotten about it or didn’t prioritize it. Families must remember that saving for college is an investment in their children’s future and can have long-term benefits.

As the Federal Reserve Bank of St. Louis report mentioned, having a college degree is associated with many positive outcomes, such as higher income and wealth, better health, and a lower risk of financial delinquency.

In conclusion, while the viral TikTok video may have provided some lighthearted humor, it also serves as a reminder of the importance of planning for college costs. Families can start by researching and exploring options for college savings plans, such as 529 plans, and by prioritizing saving for their children’s future education.