Estimating the Cost of College

Estimating the Cost of College

It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2010 report, the College Board reported that public four-year institutions raised prices 5.6% annually between the 2000-01 and 2010-11 school year. Put another way, a $5,000 education in 2000-01 is projected to cost $8,622 in 2010-11.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. Generally the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

If your child is approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

If you’ve already put money away for college, the worksheet will take that amount into consideration. If you haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites to consider reviewing:

www.college.gov
The government’s college portal

www.studentaid.ed.gov
The government’s financial aid portal

www.collegeboard.org
The group that administers the SAT test

*See the attached charts that can help you calculate the cost of college*

Bradley Bofford currently resides in Mahwah with his wife, Lauren, and their two daughters.  Bradley can be contacted at BHBofford@FinancialPrinciples.com or at 973-582-1002.

Securities offered through Securities America, Inc., member FINRA/SIPC, Bradley H. Bofford, CLU, ChFC, CFP® Registered Representative and Advisory services offered through Securities America Advisors, Inc., Bradley H. Bofford, CLU, ChFC, CFP®, Investment Advisor Representative. Financial Principles, LLC and the Securities America companies are not affiliated.

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