“it is staggering”
The cost of college is rising with alarming speed. The trajectory isn’t sustainable.
BuzzFeed reports via CNBC:
In 18 years, a college degree could cost about $500,000
People worried about college affordability today can at least take this to heart: Getting a degree now is an absolute bargain compared to what it could cost if tuition keeps rising this fast for the next couple of decades.
Tuition has been rising by about 6% annually, according to investment management company Vanguard. At this rate, when babies burn today are turning 18, a year of higher education at a private school — including tuition, fees, and room and board — will cost more than $120,000, Vanguard said. Public colleges could average out to $54,000 a year.
That means without financial aid, the sticker price of a four-year college degree for children born today could reach half a million dollars at private schools, and a quarter million at public ones. That’s a for a family with one kid; those with more could be facing a bill that reaches seven figures.
“When you look at these numbers and how college has increased from an inflation standpoint historically, it is staggering,” said Maria Bruno, a senior investment strategist at Vanguard.