by John Bearss, Retirement Specialist
Every October, the College Board releases its Trends in College Pricing report that highlight college cost increases for the current academic year and trends in the world of higher education. While costs can vary significantly by region and individual college, the College Board publishes average cost figures, which are based on its survey of 3,500 colleges across the country.
The "total average cost" figure includes tuition and fees, room and board, books and supplies, transportation, and a small amount for miscellaneous expenses. This figure is often referred to as the "cost of attendance."
The total average cost for an in-state student wishing to attend a Public University in 2011/2012 is $21,447.
Tuition and fees increased 8.3%, while room and board cost increased 4%. An out of state student attending a Public University saw their cost jump to $33,973 per year. The total average cost for a student wanting to attend a Private University jumped to $42,224 per year.
It is no secret that the cost of a college education continues to soar. But, by planning ahead you can determine which of several creative methods will work best for you. Some people will choose the 529 College Savings Plans that are available while others will choose using a cash value life insurance policy to help pay for these cost.
These are not the only two methods for paying for college, but the point is have a plan. So sit down with your financial advisor early to make sure you have enough time to reach your goals, and as always, thank you for joining me this week for your Retirement Minute.