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EDUCATION PLANNING | College Cost Estimator
It doesn’t take a degree in finance to see the cost of college continues to rise.
In its 2015 report, the College Board showed that public four-year institutions raised prices an average of 3.4% annually between the 2005-06 and 2015-16 school years. Put another way, a $5,000 education in 2005-06 would cost $6,985 in 2015-16.
For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. Generally the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.
If your child is approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college. If you’ve already put money away for college, the worksheet will take that amount into consideration. If you haven’t, it’s never too late to start.
Resources
There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites to consider reviewing:
www.studentaid.ed.gov
The government’s college and financial aid portal
www.collegeboard.org
The group that administers the SAT test
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