To set your goal figure out how much you will need to save for each
child based on when your child will begin college (see table below).
Then, develop a plan where making periodic contributions over time
will get you the required amount to fund your child’s education.
Average Cost for Four Years
of College1 |
| Year
Entering College |
Your
child’s
current age
|
Public
College |
Private
College |
| 2023 |
Newborn |
$172,728 |
$368,868 |
| 2020 |
3 |
$145,025 |
$309,708 |
| 2017 |
6 |
$121,766 |
$260,037 |
| 2014 |
9
|
$102,237 |
$218,332 |
| 2011 |
12 |
$85,840 |
$183,316 |
| 2008 |
15 |
$72,073 |
$153,916 |
| 2006 |
17 |
$64,145 |
$136,984 |
1. Source: Cost in the United States. The College
Board USA. Assumes 5% rate of increase per year. Includes tuition,
room and board, and miscellaneous fees.
|
