College Tuition Costs

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The cost to attend college continues to rise faster than inflation. For the 2007-2008 school year, average tuition and fees at public four-year colleges or universities rose 6.6 percent to $6,185, according to the College Board report, "Trends in College Pricing 2007".
For private four-year colleges and universities, average tuition costs rose 6.3% over the year earlier, to $23,712. If you add the cost of room and board, the average bill at public institutions rose 5.9% to $13,589. For private institutions, the combined bill rose 5.9% to $32,307. (Note: all data are weighted for enrollment statistics.)
The trend of college costs growing faster than overall prices is also a long-term one. Adjusted for inflation, tuition costs at public colleges have grown 31% over the past five years, according to the College Board. (Tuition increases at private schools have outgrown inflation by 14% over the last five years.)
With increasing costs like these, saving for a child's college education is a daunting challenge. However, choosing to not attend college has graver consequences. On average, a person with a college degree earns in excess of $1 million over his or her lifetime more than a high school graduate, the College Board estimates.

Saving for College: Tools

Broaden your viewpoint when saving for college. Use our calculators to find out how much you'll need to save and plan ahead for future tuition costs.

    Several alternatives exist to pay for a college education, whether it is an education for your child, grandchild, or yourself. In addition, the Economic Growth and Tax Relief Reconciliation Act of 2001 expanded college-savings incentives.
    The above information is educational and should not be interpreted as financial advice. For advice that is specific to your circumstances, you should consult a financial or tax adviser.
    2008-07-21 16:58:58
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