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.

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