Healthcare costs, rent and gasoline may steal the headlines for their skyrocketing increases over the years, but it’s tuition that take home the prize for the most vertical trajectory over the last 28 years. In fact, since 1985 college costs have jumped an astonishing 528%. What does that mean for today’s students, and for parents saving for the students of tomorrow? It means planning is more important than ever.
It’s impossible to say with absolute certainty what college costs will be in 10, 12 or 18 years, but all available data points to their continued rise. The best way to overcome these increased costs is to make structured payments over time, spreading out the burden, or to invest in a tax-free 529 Savings Plan significantly enough and over a long enough time period to let the market work for you.
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