College tuition is really expensive – that’s not a shocking statement. Everyone knows that it costs a small fortune to go to college, and everyone knows that the cost of school continues to go up. That’s been going on for a century, and it is why financial planning is so important.
The really shocking thing is just how much tuition costs have escalated recently. Here are a few figures.
TIME magazine looked at a few universities over the decades from 1931 to 2015. For example, Vassar college has always been one of the more expensive ones. In 1931, they were already charging $1,200 just for room and board. Today, tuition alone at Vassar is a whopping $52,320 per year. In 1960 Bates university was charging $2,015 for tuition. Today, if you want to go to Bates and get full room and board as well, you’re going to be looking at $64,500 per year.
Inflation accounts for a part of these skyrocketing costs. But the figures from the 30s and 60s still don’t add up to more than $20,000 per year in modern currency. Yet the current tuition costs are about 3 times that. Even the average tuition costs are over $9,000 per year for a state school and $32,000 per year for a private university. And those figures are for tuition without room and board.
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College Planning Source offers the admissions and financial planning services you need to help your family afford an education despite the modern increase in costs. To receive assistance in planning for your future, call us today at 858.676.0700 or submit our online contact form.