If tuition keeps going up, this is how much college will cost in 20 years

May 2, 2019 by

By Jade Scipioni –

‘Restoring the Promise’ author Richard Vedder on the impact of the government on the rising cost of a college education.

While student loan debt has been a hot-button issue for many years, the concerns are only piling up ahead of the 2020 presidential race as new statistics reveal the debt has climbed to $1.5 trillion Opens a New Window. .

Student loan debt is now the second highest consumer debt category — behind home mortgage debt — surpassing both credit cards and auto loans, prompting President Trump’s administration earlier this week to hire a consulting firm to evaluate Opens a New Window. the issue.

What’s more, on Tuesday, billionaire hedge fund manager Ken Griffin even blamed Opens a New Window. education and its costs as the cause of America’s largest problems.

Students he said are “completely disillusioned with their economic prospects given the huge amount of debt that they’ve been saddled with, courtesy of the U.S. government, combined with the extraordinarily high cost of education they’ve been paying, courtesy of the U.S. government.”

And, according to a new study Opens a New Window. , if tuition continues to rise in the rate that it has over the last five years, college students and their parents could be facing private tuition fees as high as $400,000, about 20 years from now.

GoBankingRates Opens a New Window. analyzed college tuition data from all 50 states based on a 5.0 percent annual increase to figure out what the future could hold for students.

Estimated costs for each state include the average in-state and out-of-state tuition at public universities as well as average tuition fees at private universities. Costs, however, do not include room, board, and other living expenses.

Here’s a look at what some states could be facing in 20 years. 

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Alabama

Public in-state tuition: $76,840

Public out-of-state tuition: $147,924

Private tuition: $189,918

California

Public in-state tuition: $35,270

Public out-of-state tuition: $133,654

Private tuition: $308,739

Colorado

Public in-state tuition: $77,754

Public out-of-state tuition: $194,001

Private tuition: $234,267

Connecticut

Public in-state tuition: $91,351

Public out-of-state tuition: $231,488

Private tuition: $404,276

Maine

Public in-state tuition: $76,873

Public out-of-state tuition: $154,273

Private tuition: $354,379

Massachusetts

Public in-state tuition: $95,491

Public out-of-state tuition: $188,192

Private tuition: $438,698

New Jersey

Public in-state tuition: $96,280

Public out-of-state tuition: $158,492

Private tuition: $273,505

New York

Public in-state tuition: $77,629

Public out-of-state tuition: $154,284

Private tuition: $285,261

Pennsylvania

Public in-state tuition: $130,555

Public out-of-state tuition: $214,861

Private tuition: $327,105

Rhode Island

Public in-state tuition: $105,327

Public out-of-state tuition: $264,676

Private tuition: $446,338

Washington

Public in-state tuition: $61,126

Public out-of-state tuition: $123,876

Private tuition: $340,314

Source: If tuition keeps going up, this is how much college will cost in 20 years | Fox Business

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