Thursday, February 28, 2008

College Tuition

My wife and I just had our first daughter about two months ago. At the same time I read that Stanford is now offering free tuition for any students whose family makes less than $100,000. So that got me thinking, how much will it cost to send my 2 month old daughter to college?. After some digging around, I found a website that claims it will cost me over $300,000 dollars to put my daughter through a 4 year college that cost $25,000 now. In addition I will need to put in about $600 dollars a month in order to be able to pay for 100% of it. I was shocked! I thought that number couldn't be right, but after looking at it closely, if you assume the rise in cost of college education in the past 5 years, it would be about that amount in 18 years. In 2006 it rose about 6% which far outpaced inflation. So I was wondering could it keep at this rate forever? Or will it hit a wall and stop increasing?

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