College Costs & Your Goals
A goal of many parents is to fully or partially support their children’s pursuit of a college education. The first step for parents would then be to define how much they could save toward this goal while keeping in mind other competing savings priorities, such as other child-related costs or their own retirement. As college costs continue to rise annually, early and consistent saving is the key to success.
Data from College Boards Trends in College Pricing Report 2017 – 2018 shows the average annual costs of a postsecondary education:
- $20,770/year for a four-year public college in-state
- $36,420/year for a four-year public college out-of-state
- $45,370/year for a four-year private school
These cost estimates include tuition and fees, room and board, books, transportation and personal expenses. The cost of attending most private colleges can be substantially higher.