Do the Math – Big Ten Schools

What does it cost for just one year at a Big Ten school today?

I live in Glen Ellyn just a few blocks from where my son will be attending Glenbard West as a freshman this year.  I can't help but think about what college will cost for him or my two daughters that at are currently Hadley Jr. High. It's really scary that they will all end up being in college at the same time for at least one year!

The prices below are pretty accurate if your child were going to school today.  If your child is still 12 years away, the projected annual cost could double.  If your child is 6 years away from entering college, add about 50% to the annual cost.

Funny thing is I first wrote this tidbit seven years ago.  I’ve added a column to the right to illustrate what it cost in 2012 for the same school. I have had to recalculate my personal college savings a few times to keep up with increased college inflation.

The annual college costs are for these Big Ten Universities costs for 2004-05 and 2012.

2004-5                                                     2012

Illinois (in state) –$7,944                           $23,250

Indiana – $18,590                                     $35,515

Iowa – $16,048                                        $31.945

Michigan – $26,027                                   $47,505

Michigan St. – $17,844                              $37,858

Minnesota – $19,860                                 $27,578

Northwestern – $30,085                            $40,224

Ohio State – $18,129                                $33,978

Penn State – $20,784                                $34,646

Purdue – $18,700                                     $36,534

Wisconsin – $19,892                                 $26,318

I know that many readers have experienced how these costs have risen with their kids and I would love to hear from you about how fast these prices have been going up and if they have a different actual cost for me to use in my calculations.

Of course, I hope this inspires you to take a close look at your savings plan if you intend to help your kids pay for the cost of college. 

If you would like a complimentary analysis for your child, we would be happy to provide you a snapshot of what your plan looks like and what you might need to save to make it work.

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