The Rising Future Cost Of College
College, just like everything else, continues to get more expensive. At what point will it no longer be worth the time and money to send young people off to college?
I came across a website called Massachusetts Educational Financing Authority or MEFA. One of the more interesting posts on the website was the College Cost Projector. It currently projects the cost of college up until the year 2044. Who wants to play some number games to see the projected insanity of college tuition?
Important note about the numbers. MEFA says, “Inflation is calculated by assuming a 3% increase in cost each year for tuition, fees, food, and housing.” If you have been paying attention, inflation is over three percent. So count on college tuition costs being likely higher than even MEFA’s estimates.
College is a way to steal young peoples’ time and future from them by sending them to learn from professors at a university. The most important thing that young people can learn is hard skills. Those skills are not taught at most colleges unless a student studies a STEM subject.
Most will likely have to pay off college debt since they decided to go to college using student loans. Do you know a young person with enough money to pay for a full year of tuition? How about four years? How about graduate school? With that in mind, now below are six charts that project the rising cost of college tuition up to the year 2044.
Here are the estimated average cost of college for the 2023 academic year.
$55,000 in 2023 to $60,000 in 2026 is more than the average American makes. The average American salary is just under $55,000 a year. Parents could decide to put money aside for college for their children if they think college is still worth the investment.
Many other options besides college are outlined at the bottom of this article.
Here are some estimations for the years 2027 to 2030.
The cost of college for the most expensive range from $62,000 to $68,000. These are the following range of costs from 2031 to 2034.
The next set of estimates is from $70,000 to $72,000 at a national private four-year college. Now for cost estimations from 2035 to 2038.
The average costs range from $80,000 to $86,000. Now for the cost of attending a university up to 2042.
From 2039 to 2042, college tuition costs are projected to be between $89,000 to $98,000. Now for the final available chart on their website.
For 2043 and 2044, the cost of college is projected to exceed $100,000.
Things To Remember
It is vital to remember that MEFA used a meager inflation rate of three percent a year. Shadow Stats projects actual inflation to be closer to 18%. According to Bankrate, some universities have experienced college price inflation by close to 50%.
Secure Single’s Algorithm recommends:
What Could You Do Instead Of Going To College?
You can learn by watching videos you'd like or reading blog posts on a topic to learn more about.
Take digital courses from people who have a track record.
Trade school
Internship
Mentorship
Consider entrepreneurship
Internet entrepreneurship particularly.
You can figure out what you are passionate about, along with your strengths, skills, and weaknesses.
You can learn the basics of money management.
You can learn how to make money.
Learn how to make passive income.
You may get a higher return on your investment by doing any of these things instead of going to college. You want to learn practical skills as soon as possible. At college, you mainly study and take tests to pass a class, which is not how you learn valuable skills.
Become a secure single.
Thank you for sharing.
Views expressed in this article are the author's opinions and do not necessarily reflect the views of Secure Single. It is intended for informational and education purposes only. It is not financial advice. James Bollen is the author of Thriving Solo: How to Flourish and Live Your Perfect Life (Without A Soulmate). Now available in paperback and for the Kindle on Amazon.
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