College Costs
Dreams come in many forms, detailed and vague, broad and narrow. No matter your child’s dreams or interests, he or she will likely go farther with a college degree.
Over a full working life, typical college graduates earn 60 percent more than high
school graduates. Those with advanced degrees earn even more.1
But an education isn’t automatic, and it isn’t cheap. College costs are rising steadily,
making education funding a major expense for most families.
Median earnings by level of education
For the 2009-10 school year, total charges (tuition, fees, room and board) for in-state students for one year at a four-year public institution reached $15,213, a 5.9 percent increase over the prior year. For a four-year private institution, total charges for one year reached $35,636, a 4.3 percent increase over the prior year.2 For a child born in 2009, the figures are even more daunting. It is projected that total costs for four years at a public institution in 2027 will reach $189,959 and $444,974 for a private institution.3 Outside of buying a home, higher education is one of the most expensive purchases a family will make.
College cost calculator – use this tool
to determine how much you need to start saving today to pay for college down the
road.
1College Board/Education Pays 2007
2 College Board/Trends in College Pricing 2009
3 Assumes a 6% annual cost increase and 4 years of college.