Summer is over and kids are back to school, now is a good time to think about the costs of education. We’ve done some research about future education expenses and looked at the U of S as an example. We found that tuition costs range between $6,600 and $35,000 per year. Add in student fees and textbooks it appears on average, for most programs, it costs approximately $10,000 per year. Also consider the additional expense of housing which can range between $4,000 and $10,000 per year. Factor in the future costs which is currently using a 4.8% inflation rate, according to The College Board’s ‘Trends in College Pricing 2017’.
My wife & I agree, not always, that education is important so I ran this calculation for us. We have 3 kids ages 6, 4 & 1 and assumed they all have 4 years of post-secondary using total cost at $20,000 per year for each kid. Total costs are estimated to total over $500,000…staggering.
If we’re lucky they all attend the same University and our costs for housing is shared. My goal is not to give my kids a free ride, I didn’t get one, but I do want to help them get a good start.
Contact our team to discuss education planning for you or your loved ones.