How Much Will It Cost To Send Your Child To College?
|
Tuition
|
$5,836 |
|
Room and Board
|
7,000 |
|
Out of Pocket expenses
|
3,500 |
|
Sub- total
|
16,400 |
|
Tax benefits, scholarships and other savings
|
-3,500 |
|
Out of Pocket Expense
|
$13,000 |
|
Year 2
|
13,715 |
|
Year 3
|
14,469 |
|
Year 4
|
15,264 |
|
Year 5
|
16,103 |
|
Out of Pocket Expense
|
$72,551 |
|
Pre-tax Cost of Education (19% tax rate)
Note: Chart assumes a 5.5% annual increase in college expenses per year
|
$86,335 |
Yes, you read that correctly.
It may cost more than $86,000 to send just one child to a public college. This estimate is conservative and not inflated by adding a fifth year. In fact, only 29% of all students enrolled in a four- year degree program actually graduate within that time span. The remaining students require five or even six years to graduate.
Unfortunately, these numbers do not consider loan fees or interest expenses. Nor do they include additional aid gifted to your child. But this does provide an excellent example of one’s average expected college investment.
That said, there are a lot of opportunities at your disposal to reduce the total costs of a college education. The sooner you start the more money you’ll have to lighten the bottom line.
To start saving money, contact Reduce My College Costs Now, Or continue to learn more about mistakes to avoid.
