09/2017 KIPLINGER’S PERSONAL FINANCE 41ISTOCKPHOTO.COM
By the NumbersHow Much to Save for a Four-Year Degree
SOURCES: College Board Trends in College Pricing 2016, Saving for College’s World’s Simplest College Cost CalculatorNewborn 6-year-old 12-year-old 17-year-oldIn-State Public College
TOTAL COST
$137,757In-State Public College
TOTAL COST
$116,722In-State Public College
TOTAL COST
$98,900In-State Public College
TOTAL COST
$86,145
Savings Goal
$45,919Savings Goal
$38,907Savings Goal
$32,967Savings Goal
$28,715Out-of-State Public College
TOTAL COST
$220,501Out-of-State Public College
TOTAL COST
$192,378Out-of-State Public College
TOTAL COST
$167,843Out-of-State Public College
TOTAL COST
$149,804
Savings Goal
$73,500Savings Goal
$64,126Savings Goal
$55,948Savings Goal
$49,935Private College
TOTAL COST
$282,842Private College
TOTAL COST
$246,769Private College
TOTAL COST
$215,296Private College
TOTAL COST
$192,158
Savings Goal
$94,281Savings Goal
$82,256Savings Goal
$71,765Savings Goal
$64,053The table below shows the estimated total cost for four years of
college for children at four different ages—for in-state and out-of-
state public colleges as well as private colleges. The estimates are
based on the current average annual sticker prices for tuition, fees,
and room and board and assume that costs will continue to rise at
rates similar to those seen over the past decade. The good news:
You don’t have to save the whole tab. Each sticker price is accompa-
nied by a savings goal. Most experts recommend that you aim to
save between one-fourth and one-
third of the projected sticker price
(we’ve based the savings goals on
the larger of the two). The rest can
come from financial aid, scholar-
ships and student loans.