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How Much Does College Really Cost?
Understanding 529 College Savings Plans
Tuition Inflation: Why College Costs Keep Rising
Strategies to Reduce College Costs
Frequently Asked Questions
As of 2024, the average total cost for four years is about $108,000 at a public in-state university, $180,000 at a public out-of-state school, and $228,000 at a private university. These figures include tuition, fees, room, and board.
A 529 plan is a tax-advantaged savings account specifically for education expenses. Earnings grow tax-free and withdrawals for qualified education costs are not taxed. Most states also offer a state income tax deduction for contributions.
College tuition has historically risen about 5% to 8% per year, significantly outpacing general inflation. At 5% annual increases, a school that costs $25,000 today will cost about $40,700 in 10 years.
Start as early as possible to take advantage of compound growth. Even small monthly contributions starting at birth can grow substantially. Beginning at birth versus age 10 can mean the difference between covering most costs or having a significant shortfall.