Those screams coming from the recent class of 2000 college
graduates may not be shouts of joy, but rather screams of frustration.
Today, the total cost for one year at a four-year public
university averages about $10,450 (tuition, room and board, books and other expenses). At
a four-year private school, the tab averages about $22,500.
Based on the latest expense figures from The College
Board’s Annual Survey of Colleges, parents of a child born this year can expect the
average cost of a four-year college education for their bundle of joy to range from
$117,000 at public universities to nearly $260,000 at private universities by 2019.
Do you dream of the day when little Sally and Jimmy forsake
their love of Barney purple for the school colors of a good college or university, but
dread the looming cost?
Most parents today do whatever it takes to pay for the
college of their kid's choice. They think it's their duty to give their kids an advantage
in life. But is there really an advantage to an expensive college?
The amount Americans borrow for college through federal
student loan programs has nearly tripled over the past decade. With annual student loan
borrowing levels surpassing $35 billion dollars, any provision that reduces the cost of
repaying college debt would appear to offer families welcome financial relief.
A college student's preparation for the school year isn't
complete without a personal financial plan. That's the message of the national chairperson
for a newly organized consumer education group.
As millions of college freshmen settle into campus life, many
are also embarking on their first experience with credit cards.
Peer pressure can be a very strong influence in decisions of
all kinds. The need to fit in becomes a strong influence on our actions. If we are
surrounded by others who are richer than we are, we may feel the need to upgrade our
clothes, our cars, and our entertainment choices to match theirs. This upgrading requires
money which can become a problem if you're trying to compete with another student whose
dad is the CEO of a Fortune 500 company.
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