That means a wealthy family with three children could expect to shell out more than $1 million by the time their youngest child completes a four-year degree.
But the sticker price tells only part of the story. Many colleges with large endowments have become more focused in recent years on making college affordable for students who aren’t wealthy. Lower-income families may be required to pay just 10% of the advertised rate and, for some, attending a selective private college can turn out to be cheaper than a state institution.
