If you’re planning on sending your kid to college, you'd better start saving before they’re even born. And it should be considerably more than you expect. Turns out college is getting more and more expensive, and it’s leading to nuclear sticker-shock!!!☢️😱
Here’s Five Fast Facts About College Tuition Prices:
- 🏫 Check Please - Tuition at a private college now runs an average of $40,000 a year. Public in-state schools cost an average of $10,500. To be clear: this is tuition only, not the cost of room, board, books, and other essential supplies.
- 🧑🏫Higher Education - Is there a chance you have a super high achiever in your family and they want to go to an Ivy League school like Harvard? Strap in because that’s going to run you $57,246 a year. Add in those living expenses and you have an annual bill of $95,438.
- 🎒Major Bump - Those numbers seem big but consider this: tuition has increased 747.8% since 1963! Let’s be real, a price increase of 747% for ANYTHING is beyond too much. I mean, if you offered me 747% more pizza, I’d take a pass.
- 🎓 Minor Bump - Ready to feel even worse? Over that same 40 years, earnings for workers ages 22 to 27 (recent college graduates) only increased by 19%. “Going to college” does not equal a high-paying job no matter what you’ve been told.
- 📊 Richie Rich - A major part of the problem is that people want to get their kids into elite colleges so badly that they’ll pay whatever it takes. Those universities are aware of this and willingly jack up the prices to cash in. Also, there’s now twice as many administrators as students and the amount of money spent on “student services” only continues to increase. (You can see more reasons here.)
🔥Bottom line: The average American isn’t going to Harvard. We get it. There’s no judgment in that statement. But it’s becoming clearer and clearer that the average American may also not be able to go to a local university at all if these trends continue!
What do you think is the biggest factor making college so expensive?
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