YOUR CHILD’$ CREATING A SAVINGS PLAN FOR HIGHER EDUCATION
S
eptember may not be the first month of your child's school year, but by now, you're hopefully finding a rhythm and settling down into a routine. If this makes you look around and realize the kids or grandkids are getting older, you're not alone.
Inevitably, you will allow yourself to think about what your child will do after high school. Your focus may start on what type of school they may attend and what they may choose to study — which are far more pleasant topics than how this all will be paid for. Out of curiosity you may grab your phone, search for a favorite college and look up what it will cost to attend. This is the point where your knuckles turn white as you tightly squeeze both the phone and the glass in your hand.
As the sampling of some popular regional institutions shows, the current published costs of attendance can be intimidating. The picture becomes more serious when you consider the amount you would need to plan for if you have a child born in 2021 who would attend a school for four years starting in 2039.
26 KENDALL COUNTY MAGAZINE
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TUITION/ROOM/ FEES*
PROJECTED TOTAL COST 2039-2042**
Indiana University, Bloomington (Non-resident)
$51,222
$531,300
Northwestern University, Evanston (Resident)
$78,654
$815,858
The University of Iowa, Iowa City (Non-resident)
$46,789
$485,153
The University of Wisconsin, Madison (Non-resident)
$53,613
$556,123
University of Chicago (Resident)
$81,531
$845,706
University of Illinois, Urbana-Champaign (Resident)
$47,444
$492,193
INSTITUTION
*Published annual tuition, room & board, and required fees. **Assume 5% annual increase and student attends for four years starting in 2039.
BUSINESS & CIVIC
| FALL 2021 |
9/14/21 4:13 PM
