This is the annual cost of attending a college today. This value can vary greatly depending on whether or not you are considering a local college or prestigious university. The average cost of a public college is around $5,500, while the average cost of a private college is around $21,000 / year.
Years Until Matriculation (Years)
This is the number of years before matriculation, the formal process of entering college, begins.
College Costs Increase (% / Year)
This is your best guess at the average increase in college costs (tuition, room, board) that will occur between now and matriculation. Recently college costs are rising around 5.5% each year for public institutions and 7.1% for private colleges and universities.
Year X College Cost ($)
This is the calculated college cost for years 1 through 4 based on today's college cost estimate, the years until matriculation and the anticipated annual increase. The calculator increases college costs each year to reflect increases that will likely occur while the student is enrolled.
Total College Cost ($)
This is the total cost of college, which is equal to the sum of the four years of projected college costs.
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.
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