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Having a child this year? Here's how much it will cost to pay for your child's education
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If you just had a baby, or are planning for one, you may be more worried right now about how to pay for diapers and daycare rather than college. But while babies are expensive, those far-off college tuition payments are likely to be one of the biggest expenses you will face as a parent. Those costs are likely to keep growing, too. Education expenses have outpaced inflation for the last 50 years. Since 1971, tuition, fees, room and board, and other costs for post-secondary education have soared by nearly five times the inflation rate.1 While it’s never been more expensive to put a child through college than it is today, you can get a head start on saving for college. This requires an understanding of how much you’re likely to need and starting a plan early, even if your baby won’t be a college freshman until the 2040s. How has inflation historically affected tuition? To understand how college costs have risen to this point, and how they’re likely to keep increasing, let’s look at how ...
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