How much do you need for your kids for college? When should you start saving?
When accounting for room and board, the average cost of college rises significantly. Data presented by College Board shows that students at four-year public in-state schools pay more for room and board than they do for tuition—$10,800. Their full cost then becomes $20,770. Out-of-state students pay the same $10,800 for room and board, so these students pay an average of $36,420. Private four-year colleges charge slightly more at $12,210, bringing the total annual cost to $46,950.
This data is all based on 2017-2018 data. Now account for the 6% increase minimum in tuition per year and you will have your average yearly cost when your kids go to school.
Based on a two income household how are you going to live and save for your kid's future? Contact us for a consultation today.
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