How Much Will You Need to Send Your Child to College in 2030?
When it comes to children and finances, what is every parent’s goal? It’s to raise young adults that can become financially independent. Unfortunately, surveys have shown low success rates. Only 23 percent of 20-somethings consider themselves financially independent, according to a survey by PNC. One of the largest barriers to achieving independence is the rising costs of college tuition.
According to the US Department of Education, the average cost of a year at public school is $15,100 and $32,900 for private institutions. Those costs are more than outpacing inflation and wage growth. Today, there is more outstanding student loan debt than credit card debt. More than 11 percent of graduates have racked up more than $50,000 in student loans, according to a 2009 survey by Sallie Mae.
If you are the parent of a young child, it’s only going to be worse by the time your child is ready to enroll in college.