What is Going on with the Cost of a College Degree? Early Planning Is Critical

Graduation CapThe Pace of Change is Accelerating, Have You Adjusted?  When the pace picks up, preparation becomes even more critical. We cannot react fast enough to rapid change to be successful. But what about events that we have years to plan for?  They are sometimes the most difficult.  Why?  Because the thought that we have a lot of time lulls us into inaction

The Looming College Funding Crisis. The cost of a four year college education has become a very significant number today.  Tuition and fees are currently:

  •   Public University (in -state)   $ 101,160
  •   Public University (out-of-state)  $163,760
  •   Private College   $203,600

But what about tomorrow? What About 2029?

  • Public University (in-state)Private College   $161,912
  • Public University (out-of=state)    $285,492
  • Private College     $371,476

Collegfaltion.  Those are some pretty big numbers and the problem is compounded by the fact that college tuition and fees are rising on average at 6 percent per year, faster than general inflation.  While there are a number of programs and sources of funding available, parents and families that plan for this important and expensive event are far and away ahead of those that do not, and it may well be the difference between a child going to their college of choice and having to go to a second best choice.

ACT!  So what can be done?  Start Now! Don’t wait because it seems like there is a lot of time. There is no better advice than start planning now and be very serious about it and dedicated to it.  An interesting thing has happened in my lifetime, or at least from my vantage point. It appears that we are once again reaching a time when resources are going to be scarce and demand for those resources is going to keep increasing.  College education, fueled by ever escalating costs, is one of those scarce resource driven activities.

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