Hey there, parents! Got your sights set on higher education for your little ones? Great! But let’s hit pause for a moment and talk about the staggering costs associated with college. If current trends continue, many future scholars might find themselves priced out of a degree before they even step foot on campus.
According to a page on Vanguard Investments’ website, using data from the College Board’s Trends in College Pricing Report from 2014, and assuming a college-cost inflation rate of 6%, we’re looking at some jaw-dropping figures. Fast forward five years, and the annual cost for public college could be around $23,350, while private colleges might charge over double that at $56,766. If you’re planning ahead for a kiddo who’ll be college-ready in 18 years, expect costs to skyrocket to approximately $54,070 for public institutions and a staggering $121,078 for private ones. Talk about a wake-up call!
Let’s face it: today’s college prices are beyond reach for many families. For the 2016-2017 academic year, the average in-state cost for a two-year college was $11,580, meaning a community college degree could tally over $23,000. And if you dream of sending your child to an Ivy League school? Brace yourself for an average private school cost of $45,370 this year. If these projections from Vanguard hold true, we may soon face a reality where a college education—typically seen as a prerequisite for many jobs—is only attainable for the wealthy elite. It’s a daunting thought, and one that makes us wonder about the future of our educational landscape.
Vanguard suggests parents start saving early (like, maybe before conception?) and recommends strategies to cut costs, such as having kids live at home, attending in-state schools, trimming entertainment expenses, and picking up a job or two. While these ideas might help today, they hardly seem sufficient for tackling a projected $55,000 annual price tag in 18 years. And if you’ve got more than one kid? Well, good luck with that.
Instead of forcing parents to juggle multiple mortgages or dip into retirement savings for their kids’ education, wouldn’t it be wiser to focus on making college more affordable—or even tuition-free? It’s high time we rethink our education system to ensure that all children have access to opportunities, rather than leaving many out in the cold.
For more insights on family planning and navigating parenthood, don’t miss our other blog posts, like this one about home insemination kits. If you’re curious about infertility, check out this excellent resource from the CDC.
Summary
As college costs continue to soar, projections indicate that by 2035, families could face nearly half a million dollars for four years of education. This raises concerns about accessibility and the future of higher education for all students. With recommended strategies for saving and cost-cutting, it becomes clear that a larger systemic change may be necessary to make college affordable for everyone.