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How Much Does It Cost?

Saving for college is not a simple task, nor an affordable task. Yet, this is something you must do. But, how much is enough? What are your savings goals for your child’s attendance into a college? There are many things that play a role in the cost of college. Boarding, the cost of tuition, books and more all add up and they do it quickly. Yet, that is not all you need to take into consideration.

The other important role player in the process is that of expanding costs. Tuition for schools have gone up, way up over the last few years. There is no stopping or even slowing down in sight, either. Students that invest in college today will pay much more than those from just a few years ago. But, as a parent of a younger child, it is even more important for you to pay attention to the costs of college over the long term for your student.

The cost of college is rising at a rate of about 6% per year. So, what does that really mean? If your student enrolls in a college in 2006, they will pay six percent less than a student that enrolls in 2007. Consider this over the long term. A student in a private college in 2006 pays about $98,000 per four years. In 18 years from now, that cost will be well over $281,000 per four years. Not planning on a private school? The university will cost about $25,000 per four years in 2006 but will cost well over $72,000 in 2024. Same with the other schools in your state, they will cost more.

Handling this cost is difficult. If you know which school you would like your child to attend in the coming years, find out what their average tuition cost is. Most will offer this information right on their website. Next, add 6% onto that cost for each year that it takes your student to enroll into college. You can easily see the costs adding up here, quickly.

There is little doubt that tuition is likely to continue over the next years. Parents with newborns often receive information about college planning. As you can see, this is information they should consider. Starting off when your child is young is the best way for you to insure you have the funds necessary when the time comes.