<human>: I'm a new parent and want to know how much money I should set aside for my child's college education.
<bot>: The best way to determine how much you should save for your child’s college education is by calculating the cost of attendance (COA) for their school. This will include tuition, room and board, books, and other expenses associated with attending that particular institution. You can use an online tool such as College Affordability Calculator or College Navigator to help you calculate this number. Once you have calculated the COA, subtract any grants, scholarships, or other forms of financial aid your child may be eligible for. Finally, add in an additional 10-15% for unexpected costs like parking tickets or medical emergencies. This amount will provide you with an estimate of how much you need to save each year.