The first step in creating a plan to pay for a child’s college education is to determine what that education is likely to cost. College is already expensive, and it’s been well publicized that college costs increase at about twice the rate of inflation. Based on historical inflation averages, that means you can expect the price tag to increase by at least 6% a year. According to the College Board, tuition, fees, and room and board for a four-year in-state colleges averaged $21,370 per year. When you assume a 5% rate of college inflation, and that your child will be a college freshman in 10 years, a four-year education at a public school will cost them just over $150,033. Costs are far steeper for four-year private colleges and universities. If your child attends such a school, expect the cost to be about $340,000. With those numbers in mind, it’s a great time to start saving. Feel free to reach out if you’d like to discuss getting a head start on saving for college. You can also share these with loved ones you feel could benefit from this information, or send over their contact information.
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How Much Will College Cost?
