As high school seniors are making decisions and younger families are starting to think ahead, one question comes up again and again: what is this actually going to cost us? It doesn’t take a degree in finance to see that the cost of college continues to rise.
In its 2023 report, the College Board showed that in-state tuition and fees at private non-profit four-year institutions increased by 5% in inflation-adjusted dollars between the 2013-14 and 2023-24 school years.1
For many families, the lion’s share of education costs falls on the parents and, in some cases, the grandparents. Families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parental contributions to help cover the cost. There are also a number of resources that can help individuals prepare for college, such as the College Board website and the government student aid website.
If your child is approaching college age, a good first step is estimating the potential costs. The accompanying chart can help you get a better idea about the cost of college.
College is one of the biggest financial decisions most families will make, but it doesn’t have to feel overwhelming. When you take the time to put real numbers around it and align it with the rest of your plan, it becomes a lot more manageable. And more importantly, it becomes intentional.
If you’re starting to think about this for your family, now is a great time to get clarity around what it could look like. Because the sooner you understand the numbers, the more options you have.
1 CollegeBoard.org, November 2023
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