The holiday season is upon us and with that means students are rounding down their fall semesters! This past month, the College Board released their annual “Trends in Higher Education Report”. Looking on average, across the board, we saw modest increases in tuition and fees for the 2016-2017 school year relative to prior years.
* Total Average Cost includes tuition and fees, room and board, books, transportation, and personal expenses
While 2%-3% rate increases are noteworthy, on an inflation-adjusted basis, this past year was the smallest dollar increase since the mid-1970’s. For example, the average increase for public in-state tuition was 2.4% but after taking into account the changes in the Consumer Price Index (CPI), it reduced the increase to 1.6%.
Whether the rate increases are 2%, 3% or 11% (5year rate change), it is important understand that college costs are significant and we must plan to account for them.
At AEPG® Wealth Strategies we have the tools to help you with education planning.
The charts provided are part of our goal planning software, that allow us to compare real costs from universities and colleges across the country and relate them to your specific situation. We can help you compare the schools that your child is interested in; from the costs to the funding options. Let us use our tools to help you and your child make more informative decisions that relate to your financial plan.
For more information talk with your personal AEPG® Financial Life Planner and let us help you.
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