The Cost of College: 5 – 10 – 15 Years from Now
As Educational Costs Continue to Rise, Parents and Students Must Be Prepared
Saving for college can seem like an uphill battle, especially given that costs have risen an average of 5 percent annually for the last decade. Accumulated College Board data for the 2019-2020 academic year showed an average cost of $21,950 as an in-state student at a state school, and a whopping $49,870 for a private school. Doing the math easily reveals that four years at any school will cost a pretty penny, especially if your children aren’t close to college age just yet.
Assuming cost trends continue, parents and prospective students will face steep tuition bills in the future.