Estimating the Cost of College

It doesn’t take a degree in finance to see that the cost of college continues to rise.

In its 2025 report, the College Board showed that in-state tuition and fees at private non-profit four-year institutions increased by 2% in inflation-adjusted dollars between the 2015-16 and 2025-26 school years.1

For many families, the lion’s share of education costs falls on the parents and, in some cases, the grandparents. Families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parental contributions to help cover the cost. There are also a number of resources that can help individuals prepare for college, such as the College Board website and the government student aid website.

If your child is approaching college age, a good first step is estimating the potential costs. The accompanying chart can help you get a better idea about the cost of college.

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FAQs About Estimating the Cost of College

• How much does college cost today?

  College costs vary significantly depending on the type of institution, location, and whether a student attends a public or private school. According to the 2025 College Board report, tuition and fees at private nonprofit four-year institutions increased by 2% in inflation-adjusted dollars between the 2015-16 and 2025-26 school years. Families should consider tuition, room and board, books, fees, transportation, and other expenses when estimating the total cost of college.

• How can families prepare financially for college?

  A good first step is estimating the potential cost of college and determining how much your family may need to contribute. Families can then develop a savings and investment strategy based on their timeline, financial resources, and goals. Working with a financial advisor can help families in Glastonbury, Connecticut, incorporate college savings into their broader financial plan.

• Who typically pays for college?

  College expenses may be covered through a combination of sources, including parents, grandparents, scholarships, grants, financial aid, student employment, and student loans. Every family's approach is different, so it's important to consider how college funding fits into both the student's needs and the family's overall financial situation.

• What are some ways to pay for college?

  Families have several options for covering college costs, including personal savings, scholarships, grants, financial aid, part-time employment, and education savings accounts. Planning ahead can give families more flexibility and may reduce the need to rely heavily on student loans.

• When should parents start saving for college?

  It's generally beneficial to start saving for college as early as possible. Beginning when a child is young gives families more time to build savings and potentially benefit from investment growth. However, it's never too late to develop a college funding strategy, even if your child is approaching college age.

• Should grandparents help pay for their grandchildren's college expenses?

  Grandparents may choose to contribute toward college expenses, but these contributions should be coordinated with the family's overall financial and estate plan. Before providing financial assistance, grandparents may want to consider how their contribution could affect their own retirement needs, estate planning goals, and the student's financial aid eligibility.

• How can a financial advisor help with college planning?

  A financial advisor can help families estimate future education expenses, evaluate college savings strategies, incorporate education funding into a broader financial plan, and balance college savings with other priorities such as retirement. For families in Glastonbury and throughout Connecticut, Atlantic Wealth Advisors can help develop a personalized strategy for preparing for future education costs.

1. CollegeBoard.org, October 2025

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