According to the College Board, the average published yearly in-state tuition and fees for a public four-year university is $10,440. Assuming a student graduates on time, the base cost will be $41,760. This doesn’t account for other expenses like housing, food, and books. And, according to a 2014 report by Complete College America, most students don’t graduate in four years.

A private four-year university can potentially (but not always) cost more than an in-state school. The College Board averages $36,880 a year for private colleges. Assuming a four-year graduation period, this amounts $147,520, or over half the total cost of raising a kid. Keep in mind that these are only 2019-2020 numbers and costs are on an upward trend. Compare current figures to those just 30 years ago

Remember that these are only averages. In some areas you will find higher increases. And also remember, that we are only talking about one academic year.

Average Cost At A Public, Four-Year Institution

1989-1990 Academic Year2019-2020 Academic Year

Average Cost At A Private, Four-Year Institution

1989-1990 Academic Year2019-2020 Academic Year

These costs are averages for tuition and fees only. Other costs like housing, food, and books are not factored in.

Education Funding

With an importance on higher education in today’s workplace, parents and their college-aged children are facing some tough decisions on how to fund their education. Fortunately, there are a number of resources and planning strategies that can help alleviate the burden. First, there is the possibility of financial aid, such as grants, loans, and scholarships. This financial aid may derive from federal financial aid programs, state programs, and/or the college itself.

Depending on how far your child is from attending college, there may be other solutions to consider. At College Craig, we understand the importance of higher education and the potential financial impact paying for college can have on your family. We seek college planning solutions that allow for your child to attend college while minimizing the impact this financial commitment has on your overall retirement planning.