Tuition Madness: What it costs to make the finals

The cost of college may be greater than you think.

The NCAA Men’s Basketball Championship Tournament is an epic struggle. The drama unfolding on the courts as teams battle for elimination – including come-from-behind wins and surprise victories by underdogs – help make “March Madness” a fitting title for this annual contest to determine who truly, and unquestionably, is THE number one team.

The tournament may also be an apt and timely reminder about the sticker shock parents and grandparents often experience when sending their young scholars off to college. Because the kids may not be able to do it alone. Take a quick peek at the 2015 tuition bracket to see just what type of financial challenge many families may face. Talk about tuition madness.

Unfortunately, college is not likely to become more affordable any time soon, either. Costs are continuing their steady rise, according to the annual Trends in College Pricing report recently published by the College Board.

For the 2014/2015 school year, figures are based on a survey of nearly 4,000 colleges across the country. The total average ANNUAL cost for public colleges (paid by in-state students) increased 2.5% over the previous year to $23,410. The total out of state students paid increased 3.0% to $37,229. And students attending private colleges paid $46,271, up 3.3%.

Furthermore, the Class of 2013 completed its academic training with higher levels of student debt. According to the Institute for College Access and Success, about seven in ten students graduated with an average of $28,400 in loans, up 1.9% from debt carried by the Class of 2012.

Even though it may seem expensive, a college education is an investment that can both enrich lives and boost lifetime earning potential. Two excellent reasons to help make it a reality for the people you care about. The good news is: it is never too early or late to start planning for their educational needs.

For assistance, please contact your RBC Wealth Management financial advisor. Or use the advisor locator tool to find one near you.

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