Estimated total costs at private colleges are nearly $63,000 in the 2014-15 school year, with more than $40,000 going for tuition, according to scholarshipworkshop.com. Two years from now, the total is projected to top $70,000. “Increases in college costs, especially for tuition, have been outpacing overall inflation,” says James Sanford, founder of Sag Harbor Advisors in New York.
Indeed, the College Board reports that private college costs have exceeded the CPI rate by 2.3 percentage points a year over the past decade. Soaring college expenses are expected to continue so financial planning clients, who may not qualify for significant need-based financial aid, could view paying for children’s higher education as a crucial concern.
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