How much should you be saving for your kids' college education?Posted: Updated:
PHOENIX -- The cost of college is not going down, so it's a good idea to start saving right now.
Trey Chappell, director of College X-ing, sat down with Kaley O'Kelley to talk about recent increases in tuition. He has projected the cost of college for kids are are 14, 10, 6 and 2, and the number are astounding. Chappell has broken it down to explain what you should be saving today.
Projected four-year tuition costs for in-state public college
High-school class of 2015 -- $70,8891
High-school class of 2019 -- $117,729
High-school class of 2023 -- $195,512
High-school class of 2027 -- $324,685
To come up with its projections, College X-ing averaged the annual increases over the past five years and then looked forward from there.
The average annual tuition increase in Arizona over the past five academic years was 13.52 percent. The highest increase was 20.7 percent from the 2009-'10 school year to the 2010-'11 school year. The lowest yearly increase was 5.1 percent was 2006-'07 to 2007-'08.