We’re not telling you anything you don’t know when we say college is expensive. The annual cost for a SUNY—New York State University school—is in the $20,000+ range. Private colleges range from $40,000 to $60,000+. You can make the parallel between buying a new car and paying for one year of college. You’re buying a Toyota or a Mercedes. Either way, it’s a sizeable chunk.
The cost of college rises every year. The national average increase for private colleges is 4-6% per year and for public colleges it can be as high as 10% per year. In 1975, Harvard’s annual cost of attendance was ~$3,400. That number has increased more than 19.5 times to a staggering $66,000 per year. Investment & savings performance rates as well as salary increases have not kept pace with the costs of college. In fact, some families are making less today than they were five years ago.
Most families need to be prepared to spend anywhere from $10,000 to $45,000 per year to fund their student’s higher education. Just as most people will not pay full price for a new car, if a student and family is positioned properly, they will not pay full price for college.
Many students today face a tough challenge by incurring substantial debt to pay their college tuition bills. With $1.3 Trillion dollars of student loan debt in America, we are starting to ask ourselves; “is this good debt?”
So, how do you make college affordable? What we do here at College Planning 101 is position the student so their SAT or ACT scores are, at the very least, in the top 25% of the INCOMING freshman class to their colleges of choice. Not only do our students get into most of their colleges, but they qualify for merit money. This merit money does not have to be paid back and can greatly reduces the cost of college.
Call for your free consultation so we can show you the tools our clients use that helps position their students for the maximum merit monies.