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The real cost of higher education
[Excerpted from Savingforcollege.com’s Family Guide to College Savings]
The Real Cost of Higher Education
An excellent education for your child does not necessarily require that you spend $40,000 in today’s dollars for one year of tuition at an Ivy League school. There are many well-regarded, reasonably-priced private colleges. The average public college or university tuition is lower yet, especially for residents of the state where the school is located.
|Type of Institution||Projected 4-Year Tuition and Fees|
|In 18 Years
|Public/University (in-state resident)||$38,300||$92,200|
|2 Years Community College & 2 Years Private College||$74,700||$179,800|
(Based on average tuition and fees for 2013-2014 as reported by The College Board® and assumed to increase 5% annually.)
According to The College Board®, the average 2013-2014 tuition increase was 3.8 percent at private colleges, and 2.9 percent at public universities. The ten-year historical rate of increase is approximately 5 percent. These figures are substantially higher than the general inflation rate. They are also higher than the average increase in personal incomes.
The figures above do not include other costs your child will incur as a college student, such as room and board, books, supplies, equipment, and transportation. These additional expenses can increase your child’s cost of attending college by a substantial amount.