The cost of college likely will keep going up - AmericaNowNews.com

The cost of college likely will keep going up

  • The cost of college likely will keep going upMore>>

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If you've got little ones at home and you're hoping to pay for their college, Money Expert Nathan Bachrach says you may want to sit down for this one.

Campus Consultants founder Kal Chany is predicting what college will cost in 2030, based on inflation rates. Now bear in mind - college tuition has been doubling the rate of inflation. Chany predicts the average private university could cost as much as $130,000 per year by then!

If your kid goes to a state school, it'll be a relative bargain - at $41,000 per year! Unless you're socking away hundreds or thousands of dollars a month, every month, it's unlikely you'll be able to cover that, if Chany's on the money.

But if Chany is even close, colleges are going to have a hard time fielding many students at all, which means they'll probably have to boost their aid budgets.  

And while these numbers should be eye-opening to young parents, what we don't want you to do is funnel your money away from retirement and into your kids' college funds. Your kids can get scholarships for school - you can't get one to retire!

Bachrach says to put it another way, if you spend all of your savings on your kids' college bills, you may force them to support you in retirement for decades. And that would be a much bigger burden than student loans would be.

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