How much are college costs rising?
College costs have doubled in the past 15 years, growing by an average of nearly 6.5% per year. By 2030, at 5% inflation, less than the current average, college tuition will rise to $18,630 per year for in-state public university students and $47,306 for out-of-state students. For private universities, the annual tuition bill would be approximately $64,159 in 2030 at a 5% annual increase.
This puts average total costs for in-state public educations at more than $150,000 for a four year degree when room, board, living expenses, books, travel costs home are included.
For more information on the best ways to save for college, check out our new article coming Thursday