It’s no secret that the cost of college keeps increasing.
And you may know that on average, college costs are continuing to rise between 3-5% each year.
So how can you predict how much your student’s top-choice college (or your top-choice school for them) will cost by the time that first tuition payment is due?
Follow these simple steps to uncover how much the sticker price is likely to be.
1 Choose one college at a time.
2 Go to the financial or admissions page on that college’s website to find the current cost of attendance. That includes tuition, fees, room & board, etc.
3 For every year between today and when they’ll begin college, multiply the cost of attendance by 4% to discover the cost of that first year of college at that school. (The national average increase is 4% per year).
4 Unless that college offers “Fixed Rate Tuition,” expect to pay 4% more each year.
To estimate discounts, look on the scholarship and financial aid pages of the school’s website for information on merit scholarships, tuition discounts, and other incentives.
What to do next:
If the estimated cost of attending that college fits within your budget, congratulations!
If that number scares you, now is the time to take action so your student doesn’t only get into colleges that will be a bigger financial burden with more college debt, spending your retirement, or having to tell them they cannot go.
Email [email protected] to get on the wait list for the release of our FREE video training, “How to Pay Less for College...even if you earn too much for financial aid.”