CollegeBacker launches its college savings service

Paying for college in the US is becoming increasingly difficult.

CollegeBacker, a service to help American students pay for college, has launched publicly, reports TechCrunch.

The service will help struggling students by allocating money into a college savings plan that grows tax-free and is free of capital gains tax when used to pay for college. It can be opened with as little as $25. CollegeBacker is supported by Princeton University and 500 Startups.

According to CollegeBacker, college tuition costs have risen 12 times in the last 30 years and are expected to double in the next ten years.