You don’t need a finance degree to recognize that college expenses are steadily climbing.
According to the College Board’s 2023 report, in-state tuition and fees at private non-profit four-year colleges have risen by 5% when adjusted for inflation from the 2013-14 to the 2023-24 academic years.1
For many households, the majority of education expenses are shouldered by parents, and sometimes grandparents. To manage these costs, families often combine scholarships, grants, financial aid, part-time employment, and parental support. Additionally, there are various resources available to assist with college preparation, including the College Board’s website and the federal student aid site.
As your child nears college age, a useful initial step is to estimate the potential expenses. The provided chart can give you a clearer picture of what to expect regarding college costs.
