People worried about college affordability today can at least take this to heart: Getting a degree now is an absolute bargain compared to what it could cost if tuition keeps rising this fast for the next couple of decades.
Tuition has been rising by about 6% annually, according to investment management company Vanguard. At this rate, when babies born today are turning 18, a year of higher education at a private school — including tuition, fees, and room and board — will cost more than $120,000, Vanguard said. Public colleges could average out to $54,000 a year.