I recently read an article that talks about how much college
will cost in 18 years. According to the article "In 2036, just 18 years from now, four years at a private university will be around $303,000, up from $167,000 today....To get a degree at a public university you'll need about $184,000, compared with $101,000 now"
Read the article in full here: https://www.cnbc.com/2018/05/17/attending-harvard-will-cost-475000-in-2036-heres-how-much-other-schools-will-charge.html
As a parent of a 2 year old, and another one about to arrive
any day, this is scary stuff. Stanford,
MIT, and Harvard are projected to cost nearly a half a BILLION dollars! I think about my own alma mater. It’s been nearly 18 years since I started
college. And thinking back to what it
cost at that time compared to the present day cost, I’m pretty sure it has more
than doubled.
Is this rate of college costs increasing sustainable? What do you think? Will college REALLY cost that much in 18
years? Or will the higher education
system implode, similar to the housing bubble? Why hasn’t it already? Or, are we
seeing signs of that already starting to happen?
My fellow parents, we need to get our butts in gear and
start saving. Even if we already have,
it sounds like we need to save more! I’ve
opened a 529 account for my son the year he was born, but I can’t even fathom
being able to save as much as it’s projected that he might need. I’m not one to carry a defeatist attitude,
but let’s hope something changes in the education landscape soon!
Learn more about 529 plans at www.collegesavingsiowa.com.
Shea - ICAN Hiawatha Office
