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A Step-By-Step Guide to Calculating College Costs and Required Savings

By Ken Clark, About.com

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Determine What Your College of Choice Costs Now

Perhaps the most important step in calculating future college costs is getting an accurate estimate of what it would cost if you enrolled at today’s rates. The most accurate source of this information is generally found on an individual college’s website under the “Financial Aid” section.

If you have no idea about where your child might go to school, or you would like to just calculate a rough estimate, you can use the national average tuition rates found on numerous internet sites like CollegeBoard.com.

These sites often give an average rate for tuition at the three different types of colleges.

For example:

4 Year Private College - $23,000 per year

4 Year Public College - $6,500 per year

2 Year Public College - $2,500 per year

Make sure the number you end up using also includes room, board, and books.

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