Tuition madness: Are you saving enough for college education goals?

With the March NCAA® basketball tournaments upon us, you may feel nostalgic about the colleges or universities you and your loved ones attended. Perhaps the college-basketball fever has sparked conversations about post-secondary educational aspirations between you and your younger loved ones. While enjoying the hoopla of the month as these stellar teams vie for national championships, take a moment to see what the costs are to attend these colleges and universities for the next four years. Do you have the right plan in place to support your students on their post-secondary journey? 

Often, parents and other loved ones experience surprises when sending their young scholars off to college. To alleviate the sticker shock and avoid college-student debt, gather information and plan ahead. To help you do so, take a look at the 2024 Tuition madness brackets which show college cost information.

The annual Trends in College Pricing report, published by the College Board, provides information about both public and private schools across the country and information on what they anticipate for future years. Below are the average college costs for full-time undergraduates in 2023–2024, including tuition, fees, room and board for one academic year:

• Public four-year in-state $28,840
• Private nonprofit four-year $60,420 

Prices shown are average published charges (enrollment-weighted) for full-time undergraduates, not adjusted for inflation. Source: Trends in College Pricing and Student Aid 2023, New York: College Board. © 2023 College Board.
If the traditional higher education path does not make sense for your student, the expanded flexibility of a 529 plan allows for additional opportunities, like vocational or trade school, which may better fit their interests.
Education continues to be an investment that can enrich lives and boost lifetime earning potential — two excellent reasons to help make it a reality for people you care about. It’s never too early, or too late, to plan for educational goals.