After a discussion with a neighbor on our cost of attending college, I looked back into my records and found that the cost of attending my alma mater has increased 7.4 times since my freshman year, at approximately a 6.5% annual growth. This means our three year old's freshman year cost will equal about 2.4 times today's tuition, room, board and fees, or about $113,000 in 2022. This is about 25% higher than I had estimated in a previous post about saving for college costs.
Our current 529 plans contributions should cover about half of the costs. Currently, I hope to have the other half equally split among summer jobs, school jobs, grants, and loans. Hopefully, this plan will enable our daughter to graduate with a minimum amount of student loans.
For more on Crossing Generations, check back every Thursday for a new segment.
This is not financial advice. Please consult a professional advisor.
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