For many families, helping to fund college expenses is a major financial goal. According to reports from The College Board, tuition expense is continuing to rise but at a slower pace than in the past. This is good news for prospective college students and their parents. Over the last decade, in-state public 4-year tuition increased 16% (adjusted for inflation) compared to a whopping 72% increase during the decade from 2000 to 2010. As you can see from the chart below, tuition increases for 4-year public and private college have slowed over the last several years. The best bargain continues to be the 2-year public college at $3,770. Private 4-year annual tuition is 10 times as expensive at $37,650. After adding in room and board, the Private 4-year average annual expense is $54,880.*
We help clients plan for college on a regular basis. Our software enables us to create a plan tailored to a specific university for each child and takes into account the changing expenses detailed above.
*Data provided by College Board’s “Trends in College Pricing and Student Aid 2020.”