College costs could rise to $334,000 by 2018

As if college weren’t already expensive enough.

A new report from Forbes projects that the cost of four years at an elite private college could rise to $334,000 for students starting college in 2018.

College costs projected to rise quickly

Considering that’s less than four years away, that’s a pretty huge spike from the already-high current cost of attending a private elite college: currently $68,000 per year, or about $293,000 over four years for a student starting college in 2015.

It’s not just the elite colleges that have rising costs. The average cost of attending a four-year private college is now over $59,000 per year, or $254,000 over four years, based on projections that have the cost rising 4.5% each year.

To contrast, the average public college now costs over $28,000 per year, but this is projected to rise 6.5% each year, to about $151,000 for a student starting college in 2018.

The cost of 4 years of college could rise to $334,000 by 2018.

Rising college costs impact families

Of course, due to financial aid, not everyone pays sticker price, particularly at private colleges that often have more money to give than public schools.

But given that, in general, financial aid has not kept up with rising college costs, the increased costs are likely to impact most families.

With college costs on the rise, it’s important to assess your family’s ability to pay and figure out ways to make college more affordable. Families should carefully consider a college’s return on investment before taking on significant debt.

We help students and families find ways to pay for college, apply for financial aid, and find high-quality colleges at reasonable prices. Call us toll-free at 1-888-234-3907 or contact us using this form to find out how we can help save you money on college.