The average American saved $5,011 last year. That means it would take them about 75 years to save up enough cash to send one child to a top-rated US university.
The average tuition at US private colleges grew by about 4% last year to just under $40,000 per year, according to data collected by US News & World Report. For a public in-state school, that cost was $10,500, that’s an annual increase of 0.8% for in-state students and about 1% for out-of-state.
But at highly rated or selective schools, the price tag increases substantially. Harvard University charges $57,246 in tuition and fees, per year, for undergraduate students.
