Newspaper article The Christian Science Monitor

Steep Price for Higher Education

Newspaper article The Christian Science Monitor

Steep Price for Higher Education

Article excerpt

You don't need a degree in applied mathematics to figure out that a college education is expensive and likely to get more so by the time your child sets up in the freshman dorm - even if that event occurs next fall.

The cost of college rises at a faster annual pace than almost everything in America. Parents who sent children to four-year public universities in 1997 paid an average of $7,472 for tuition, room, and board - about $30,000 for a bachelor's degree, not including books, travel, and pizzas.

At private universities - the four-year tally totals close to $77,000. "College costs have far outstripped inflation," says Judy Heltzel, a certified financial planner in Salem, Ore. If costs continue their pace - about 5 percent a year - expect to pay $72,200 for a public four-year education 18 years from now and $185,300 for a private one. For parents doing a double take over their financial statements, the advice is clear and imperative: Save and invest, sooner rather than later, says Ms. Heltzel, whose client-parents correctly view a college degree as a necessity in today's job market. The average yearly earnings of a high-school graduate are $22,154; add a college or two-year degree and the number jumps: $25,181; with a bachelor's degree, $38,112; with an advanced degree, $61,317, according to a Census Bureau study. In this respect, a college education is an investment. "It's an important goal, just like retirement or buying a house," Heltzel says. "If it's important to you, you can get it done." Some points to consider when saving: How to save. From basic savings accounts to the stock market; consider a variety of savings vehicles (see story, right). Whose name to save in. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.