The future cost of college is no joke. According to Vanguard, the average rate of inflation for college costs has been about 5% in recent years.
As an example, my alma mater, Michigan State University in 2019 costs $25,046 per year for an in-state student. This includes tuition, fees, room, and board. That’s around $100,000 for 4-years of in-state tuition if my son or daughter were to be going to school today.
Fast forward to the year 2030 when my daughter starts her freshman year of college, 5% inflation on that $100,000 in 2030 comes to $184,000! Oh, and then you add in my son who will be attending college in 2032 and he’ll need around $203,000.
That means I’m looking at around $387,000 for my two children to eat, sleep and learn during 4 years of college. AHHHHH!!!!
I don’t know about you, but that number makes my head hurt. So much so that I want to throw my hands up in the air and just quit.
But, I love my kids too much and I know how important college can be in this country. A study by Georgetown University found that college graduates earn $1 million more over their lifetime than high school graduates. College leads to more education, more connections and more money. I would not have the career and the privileges I have today if it weren’t for my time in college.
So … How are we going to cover almost $400,000 for our two kids to attend college and graduate debt-free with no student loans?
Honestly, I have no idea, but here are 5 things we’re going to try.Continue reading “5 Ways Parents Can Help Their Kids Graduate College Without Student Loans”