How much is college going to cost you when your teen gets there? By using the cost of college today, the average interest rate of college cost and the number of years you have until your teen goes to college, our college cost calculator can give you an estimate. As long as the costs variables remain steady, this estimate will be an accurate one that you can use to begin saving for college costs.
The Cost of College Today
These numbers include room and board, credits for a degree, and miscellaneous expenses, i.e. books, paper, etc. This is for one year of college, with no repeat courses.
- Average cost for a Private College: $ 33,301
- Average cost for a Public College: $ 16,357
- Average cost for an Out of State Public College: $ 26,304
The inflation rate for college costs is generally higher than that of the cost of living. This is worked into our college cost calculator. The rate presently averages between 5 and 8 percent.
Number of Years
Calculate this adding the year that your teen enters college. Example: If my teen was starting school in September 2003 and this year is 2000 then the number of years is 3. But if they won't be starting school until January 2004, the number of years is 4, not 3. Do not go by the 'school year'.