You Won’t Be Able To Pay For College Tuition If You Pay For This Now
If you have kids, you probably worry about how you’ll be able to afford college tuition when that day comes. But a pair of recent reports reveals that college may not be the biggest expense for raising kids anymore. The huge costs actually come much earlier in life, starting with childcare.
According to USA Today and new research from lending platform NetCredit.com, in more than half the states, childcare costs more than in-state public college tuition. They found that in 28 states, childcare expenses are more than in-state tuition, an average of $1,031 more a year. It’s even more in some states – Hawaii has the biggest gap, annual childcare there costs about $16-thousand more than a year of college tuition ($15,995).
On top of that, once your kid starts driving, the cost of a teen owning a car can also top the cost of college tuition. A new analysis by car app Jerry finds that it costs $11,378 a year for a teen to own and drive a new car, while the average annual in-state tuition at a four-year public university is around $10,940. Even owning a used car is pricey, with the annual cost to own a five-year-old Toyota Camry at $10,276, which is more than in-state tuition at the flagship public university in 13 states.
This news is on the heels of a story my co host Maney wrote last week about the cost of raising a child. Which was $240,000.00 before college!