News

Report: College May Cost Upwards Of $300,000 For Babies Born In 2014

Photo Credit Thinkstock

Photo Credit Thinkstock

PHILADELPHIA (CBS) – Well, this is terrifying.

A new report from the Schwab Center for Financial Research claims college tuition will cost $300,000 by the time today’s newborns head off to college.

And that’s just the price for an in-state, public university. A private one will cost nearly $600,000.

Schwab based its calculations on the average increase of college tuition including room, books, and fees, which is 6% a year.

While the Schwab Center recommends planning and saving early, many people reading the report are probably reassessing the value of sending Little Johnny off to Penn in 2032.

Top Content On CBSPhilly

Follow

Get every new post delivered to your Inbox.

Join 33,970 other followers