College Expenses

College Costs
College Expenses

College expenses can be quite daunting. Whether college is 18 years away or only 5 years away, your college budget impacts your retirement plans. 

College costs include tuition, room and board, books, supplies, equipment, and transportation costs, among others.  Scholarships, financial aid, and work-study programs might lessen the bite.  Look closely at these sources, and plan ahead as much as possible.  Remember that college costs today will be much higher in future years, and they rise faster than inflation.

The following table lists the average prices for public and private schools based on 2017 prices and then inflated for future years. Tuition was inflated by 3.5% and Room & Board was inflated by 2.5%.  Use this as a guide for your future budgeting and entry amounts into the Charting Your Retirement Calculator.  You will enter this information on the Children section of the calculator.

College Cost Estimator
 Public TuitionPublic Room & BoardPrivate TuitionPrivate Room & Board
2017$9,970$10,800$34,740$12,210
2018$10,319$11,070$35,956$12,515
2019$10,680$11,347$37,214$12,828
2020$11,054$11,630$38,517$13,149
2021$11,441$11,921$39,865$13,478
2022$11,841$12,219$41,260$13,814
2023$12,256$12,525$42,704$14,160
2024$12,685$12,838$44,199$14,514
2025$13,129$13,159$45,746$14,877
2026$13,588$13,488$47,347$15,249
2027$14,064$13,825$49,004$15,630
2028$14,556$14,171$50,719$16,021
2029$15,065$14,525$52,495$16,421
2030$15,593$14,888$54,332$16,832
2031$16,138$15,260$56,233$17,252
2032$16,703$15,642$58,202$17,684
2033$17,288$16,033$60,239$18,126
2034$17,893$16,433$62,347$18,579
2035$18,519$16,844$64,529$19,043
2036$19,167$17,265$66,788$19,520
2037$19,838$17,697$69,125$20,008
2038$20,533$18,139$71,545$20,508
2039$21,251$18,593$74,049$21,020
2040$21,995$19,058$76,640$21,546
2041$22,765$19,534$79,323$22,085
2042$23,562$20,023$82,099$22,637
2043$24,386$20,523$84,973$23,203
2044$25,240$21,036$87,947$23,783
2045$26,123$21,562$91,025$24,377
2046$27,037$22,101$94,211$24,987
2047$27,984$22,654$97,508$25,611
2048$28,963$23,220$100,921$26,252
2049$29,977$23,801$104,453$26,908
2050$31,026$24,396$108,109$27,581