The privates tend to get the kids graduated in 4 years while our UC’s and State’s tend toward 5 years due to overcrowding.
Also, those college cost sites tend to underestimate some of the costs. Travel costs are more if your kid flys back east several times a year.
And if there is not an airport close by. If you go to Colgate in NY, for example you have another 1hr drive on top of flight–in snow. And car rentals don’t rent to under 25year olds. (generally)
Sock away a few thousand for Spring Break’s in tropical locations. Greek fees and required clothing. I have a daughter too and need to have a line item for clothing budget 😉 Parking, and summer storage fees.
And when they are out of dorms and in a swanky apt those leases are year to year so it is fun to pay rent for an empty apt during summer vacation. I did have to pay $$$ for the taj mahal pad for my darling daughter for a year as it was closest to school and living with her friends.
One more thing. Each kid is different and needs to find the right ‘fit’ for a college. Totally different vib at each school that us parents don’t fully get. Your kid will let you know though. So while we may favor a certain school, be prepared for a totally different school the kid wants.
Of course, you will be lucky if your kid is engaged during the application process. Some kids are totally immersed while most everyone tends to be lazy and rely on parents to sort it out.
In person visits are worth the time and expense. Those tours and the $100/school application costs are just another hidden cost along the way.
Expensive, yes but it fun to see them grow up.
As a side note, my thoughts are anything other than a professional school ie. nursing, engineering, IT it just doesn’t justify the tuition expense. Use that money for house or investment.
The university experience is worth it for social growing but not premium school for fill-in-the- blank STUDIES degrees.
As long as student loans remain not dischargeable, college will most likely follow your 5% annual increase.
