Spring SAT Test Season is Upon Us
Spring SAT testing season is in full swing, and for many families this puts college front and center. High school students are now taking a newly updated SAT. The College Board, the group responsible for the SAT, has made content and scoring changes to the 2016 test.
The newly redesigned SAT is meant to better prioritize testing the kind of skills and knowledge that reflect the level of reading and math students will actually encounter in college and their future work lives, while retaining the test’s tradition of being a valuable predictor of college and career readiness and success.
If you or your clients have students that may take the SAT this year or next, The College Board is now offering a set of new practice tests and preparation tools, and an online scoring app.
Tuition Growth Slowing for 2016
Recent trends show slower college cost growth than in the recent past. Tuition increases in 2016 average 2.9% at public schools and 3.75% at private colleges. These are some of the smallest tuition increases since the mid-seventies. Over the previous ten years, college costs increased approximately 6% annually and almost 8% annually the prior decade. Recent lower tuition growth rates have variously been attributed to limits placed on cost increases at public schools, competitive influences, and changes in the education lending environment.
While the rate of growth is not currently as high as it has been in the past, the average cost of a four year degree at a public college is $80,000 including tuition and board. A private school four year degree now averages upwards of $185,000. These costs may be mitigated by scholarships, financial aid, and grants, but school selection, saving, planning, and preparing can only help students and parents get through the degree program with the least stress, and quite possibly, the least loans.
Assuming a student is 10 now, and wants to attend a school currently costing $23,250 per year when they are 18, these are the two savings schedules based upon tuition growth of 3% and 6% assuming a 5% return on savings.
Example funding schedule at 3% tuition growth rate assumption
Example funding schedule at 6% tuition growth rate assumption
The college cost estimator available in Silver and TOTAL has been updated for 2016. The college cost calculator includes in-state tuition, out-of-state tuition, and housing costs for most American four year colleges and universities. Additional expenses can be included in the total cost as a percent or a dollar amount. Links are available to each school’s website.
For the desktop editions, the updated version are available to download and install:
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