Fort Wayne, Ind. (Indiana’s NewsCenter) -The student loan crisis is a crisis reaching the trillion dollar mark recently.
Now, a new book, written by Campus Consultants Founder and President Kal Chany, details what college costs will look like by the year 2030, the costs appear to be staggering.
The book is called "Paying for College Without Going Broke," and it bases the rise in tuition costs on increased inflation rates.
In 18 years, according to this book, the price of one year of education at a private university could cost as much as $92,000.
A public school education could cost as much as $41,000 a year, which is on the low end according to this book. The low end is 5 percent yearly increases.
There are some options a student can seek when dealing with this.
Financial Planner Tim Rooney says students must take advantage of every high school and college scholarship opportunity available. Also, they need to start investing money right now.
“The best investment has to be the Indiana College Savings plan,” Rooney said. “For one, you get a state tax credit and your money will grow tax free with the possibility of growth so there's no other investment vehicle out there where you can get that.”
As far as investments like bonds or CDs, Rooney says with interest rates so low, 2 or 3 percent, growing money or doubling money could take longer than expected.
The best advice is for students to look at the state's savings plan, loans and scholarships.
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