With the school year nearing its end, and summer break on the horizon, many are likely thinking about how best to prepare for their children’s and/or grandchildren’s college expenses now that they are one year closer to college life.

Now is a good time to sharpen one’s pencil for a few important lessons heading into the summer to help tackle the issue.

THE CALCULUS OF PLANNING FOR FUTURE COLLEGE EXPENSES

According to recent data published by The College Board, the annual cost of a ending college in 2016–2017 averaged $20,090 at public schools, plus an additional $15,280 if one is a ending from out of state. At private schools, tuition and fees averaged $45,370.

It is important to note that these figures are averages, meaning actual costs will be higher at certain schools and lower at others. Additionally, these figures do not include the separate cost of books and supplies or the potential benefit of scholarships and other types of financial aid. As a result, actual educational costs can vary considerably from family to family.

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