Disclosure: This is a post written by me and any opinions expressed are my own. I may or may not have received compensation for my services.
The cost of College tuition is crazy and becoming even more so as our wee ones get older. I figure by the time Spencer and Royal decide they want to go off to college, it will be costing more than the average person can afford. Some think that it’s to early to start worry about it and they have plenty of time. You really don’t have as much time as you think.
If you open a College Advantage account before 12/31/11 with at least $100 in it, you will get a $25 bonus contribution to that newly opened account. You just need to enter the promo code SAVINGS at sign-up. A CollegeAdvantage 529 college savings account is the perfect gift for that college-bound young person.
According to The College Board®, the average 2010-2011 tuition increase was 4.5 percent at private colleges, and 7.9 percent at public universities. The ten-year historical rate of increase is approximately 6 percent. These figures are substantially higher than the general inflation rate. They are also higher than the average increase in personal incomes.
The figures above do not include other costs your child will incur as a college student, such as room and board, books, supplies, equipment, and transportation. These additional expenses can increase your child’s cost of attending college by a substantial amount.
|Type of Institution||Projected 4-Year Tuition and Fees|
|In 18 Years
|Public/University (in-state resident)||$33,300||$95,000|
|2 Years Community College & 2 Years Private College||$68,800||$196,300|
(Based on average tuition and fees for 2010-2011 as reported by The College Board® and assumed to increase 6% annually.)
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