People worried about college affordability today can at least take this to heart: Getting a degree now is an absolute bargain compared to what it could cost if tuition keeps rising this fast for the next couple of decades.
Tuition has been rising by about 6% annually, according to investment management company Vanguard. At this rate, when babies burn today are turning 18, a year of higher education at a private school — including tuition, fees, and room and board — will cost more than $120,000, Vanguard said. Public colleges could average out to $54,000 a year.
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That means without financial aid, the sticker price of a four-year college degree for children born today could reach half a million dollars at private schools, and a quarter million at public ones. That's a for a family with one kid; those with more could be facing a bill that reaches seven figures.
How much will a year of college cost in the future?
How much families realistically need to save for their children to go to college is a very real question for new parents.