As parents, we all want our children to excel academically. Graduating high school? Absolutely. Attending college? Let’s pause for a moment. If current trends continue, many families may find higher education financially out of reach in the coming years.
According to a study by Vanguard Investments, using data from the College Board’s Trends in College Pricing Report, and estimating an inflation rate of 6% for college costs, the outlook is daunting. In just five years, the annual cost for a public college could rise to about $23,350, while a private college may exceed $56,766—more than double that amount. Fast forward 18 years, and those figures could escalate to around $54,070 for public colleges and a staggering $121,078 for private institutions. This situation raises significant concerns: will a college education become a luxury only the wealthy can afford?
Currently, college expenses are already overwhelming. For the 2016-2017 academic year, the average cost for in-state tuition at a two-year college was $11,580, accumulating to over $23,000 for a community college degree. If you’re considering Ivy League schools, the average cost for private colleges this year stood at $45,370. These figures are alarming, and if costs continue on this trajectory, we must ask ourselves what this means for future job markets that still require higher education.
Vanguard suggests that parents should start saving early—perhaps even before conception would be ideal. To mitigate costs, they recommend strategies such as encouraging children to live at home, attending in-state schools, cutting back on entertainment expenses, and securing part-time jobs. While these tips may be practical today, they hardly solve the problem of unaffordable college costs in 18 years. And for families with multiple children? The financial burden could be even heavier.
Instead of placing the onus on parents to navigate these astronomical expenses—potentially requiring them to take out multiple mortgages or dip into retirement savings—we should focus on making college more accessible, if not tuition-free. It’s time to rethink an education system that risks leaving the majority of our youth behind.
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In summary, the escalating costs of college threaten to create a divide where only the affluent can afford higher education. As parents, we must advocate for a more equitable system while also preparing our children financially for the future.