Cost of College in 2029...

Lilly will be entering her first year of college in 2029-THIS SCARES ME.  I know it seems like forever away but it will be here before we know it!  Working in higher education I know how expensive even state universities can be. By the time Lilly is starting her freshman year of college in the year 2029 the cost of a public college or university is going to be astronomical!  I found a tuition cost estimator on CollegeBoard.com where you can plug in your child's information and it will project the cost of their college tuition if tuition increases at a rate of 5% a year on average.  If Lilly goes to an in-state public 4 year university and we don't invest in any type of 529 plan we will pay $201,000 for all 4 years.  WOWZA!!!!  I don't want to even THINK about how much it will be if she attends a private school ($404,000). 

I am hoping and praying that in 18 years University System of Maryland employees will still have free/discounted tuition for children of employees.  We're trying to get it into Lilly's head at a young age that she will LOVE to attend Towson or another Maryland state university in 2029.   She's already showing her school spirit!

In all honesty though I would LOVE to be able to send Lilly to her college of choice.  Seeing this really makes me think that in the next few years we should really invest in a 529 plan for her.  These are really a great way to save and lower the cost of future tuition.  Many people think these are just for state schools but they can be used anywhere!  For more information click here.  They are becoming more and more popular and you can invest in on at any time-many people are choosing to do it before their baby is even born! 

Have you started saving yet?  If not did I just freak you out a teeny bit?  Thinking about it kind of makes my head hurt-so for now I will just enjoy the fact that we're only shelling out 100 plus bucks a month for diapers wipes and formula because once she hits college we will be longing again for these days!