What would it cost for just one year if your child went to a Big Ten school today (my son, Jake, is four years away).
The prices below are accurate if your child were going to school today. If your child is still 12 years away, the projected annual cost should double. If your child is 6 years away from entering college, add 50% to the annual cost.
Funny thing is I wrote this tidbit seven years ago. I’ve added a column to the right to illustrate what it costs in 2012 for the same school. I have had to recalculate my personal college savings a few times to keep up with increased college inflation.
The annual college costs are for these Big Ten Universities costs for 2004-05 and 2012.
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Illinois (in state) – $7,944 $23,250
Indiana – $18,590 $35,515
Iowa – $16,048 $31.945
Michigan – $26,027 $47,505
Michigan St. – $17,844 $37,858
Minnesota – $19,860 $27,578
Northwestern – $30,085 $40,224
Ohio State – $18,129 $33,978
Penn State – $20,784 $34,646
Purdue – $18,700 $36,534
Wisconsin – $19,892 $26,318
Of course, I hope this inspires you to take a close look at your savings plan if you intend to help your kids pay for the cost of college.
If you would like a complimentary analysis for your child, we would be happy to provide you a snapshot of what your plan looks like and what you might need to save to make it work.