The importance and cost of a college education
Historical Average Cost of 4-Year College Tuition
1963 (Adjusted for inflation)$42,220
1989 (Adjusted for inflation)$52,892
• Between 2010 and 2020, for 4-year institutions, the average annual tuition increased 34.3 percent at public 4-year institutions, and 48.9 percent at private 4-year institutions.
• From 1989 to 2016, college costs increased almost 8 times faster than wages.
Source: educationdata.org – August, 2021
The average cost of college in the United States has tripled in 20 years, with an annual growth rate of 6.8% as reported by educationdata.org
At the same time, college is becoming both more important for a young person trying to gain a foothold in the American economy – and more expensive.
A report published in 2018 by the Georgetown University Center on Education and the Workforce showed that, “The bachelor’s degree (BA) has become the premier pathway to economic opportunity. The BA now accounts for 56 percent of all good jobs, due to greater demand for workers with at least a four-year college education.”
What’s causing this exponential growth in the tuition and fees a college student must bear? It’s simple. More and more people are placing a greater value on the benefits of a higher education. Allegis Financial Partners has a number of tools and strategies you can use to potentially help you afford the college education that will give your kids the opportunity to succeed in school and in life.
We’ll be happy to explain these strategies to you in detail, including which one is virtually tax free, which one potentially offers the best return, and which one provides guaranteed growth.
We’d be happy to come to you at a time that’s convenient for you.