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Home > Credit Resource Center > Finance Headlines > The High Cost of College

The High Cost of College

Posted by: Lisa Nichols | Mar 12,2008

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The costs to attend college today are astronomical, and they continue to increase at a rapid pace. Finding ways to save for your kids’ college educations can seem daunting. But there are ways to pay for the high cost of college without disbanding a family savings plan.

The Average Costs for College Today and in the Future

The costs for college today have increased on average from $95 to $1,404 this year from last year, according to College Board. College Board is a nonprofit organization that tracks college trends. The group says that the average cost for four-year private schools for the 2007-2008 school year is $23,712, an increase of more than 6% from last year. A public four-year school costs $6,185, which is also an increase of more than 6% from last year. Parents magazine weighs into the fray with some projected college costs for parents of a three year old today- the average college education is projected to cost between $140,000 to $470,000 in fifteen years (Cynthia Hanson. “A Get-Real Guide to Saving for College” Parents February 2008).

Ways to Save for College

To afford the costs for kids to go to college in fifteen or twenty years, parents need to start saving between $450 (for a state school) and $1500 (for a private university) a month beginning when the child is born, advises Parents magazine. Finding extra money to save for college can come from a variety of resources. CNNMoney.com recommends investing the money that will be used to pay for college into stocks for the largest return (“Money 101 Lesson 11: Saving for College). Mutual funds can also be ideal for saving for college, and tax breaks can help defer the high cost to pay for college, says Money.

More Ways to Pay for College

In addition to federal tax credits and savvy investments, it’s important to tap all other available resources to pay for college. Online distance learning is another way to help defray college costs. Kids who get a college degree online will realize a variety of savings from housing to childcare to transportation.

Learn more about saving for college and paying for college in the Married with Children blog.