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College Education in North Dakota
Paying for College
Paying for an education after high school requires financial planning.
It is important to understand that both the student and parents will be
considered as the first resource to pay for the educational costs. Any
amount of money saved today will help. It is a common mistake to think
that saving money will prevent a student from qualifying for financial
aid. It is true that when you complete the Free Application for Federal
Student Aid (FAFSA), you provide savings and other assets which are used
to calculate your Expected Family Contribution (EFC). However, the formula
also provides allowances such as the age of the parents and their need
to save for retirement. Remember, any savings will help reduce the need
for borrowing money, a situation which requires years of repayment.
Savings Options
Once you've determined how much to put away, you need to decide where it
should go. Opportunities for investing your money are numerous and varied.
Begin thinking now of the investment portfolio that will help you earn
at least a portion of what your child will need for their education.
While your college years may seem far away, you will be better able to
meet the challenge of rising college costs if your family starts planning
today. Listed are savings options to consider:
- College SAVE - North Dakota's 529 College Savings plan helps families invest for future
college expenses by allowing contributors (parents, grandparents, aunts,
uncles, etc.) to deposit funds into an account on behalf of a designated
beneficiary to cover qualified higher education expenses incurred while
attending an eligible institution. For more information, call 1-866-728-3529
or visit the College SAVE Web site at https://collegesave4u.s.upromise.com.
- Certificates of Deposit (CD's) - Issued by insured financial institutions who pay fixed rates of interest
for specific periods of time. These are considered safe investments.
- Series EE Savings Bonds - Issued by the U.S. Government. Income from these bonds bought after
1989 are tax exempt if used to pay for college tuition and fees. For more information, consult your tax advisor or visit the U.S. Department of Treasury's
Web site at www.savingsbonds.gov/sav/saveduca.htm.
- Regular Savings Account - Monthly contributions into these accounts are one of the most
fundamental methods for building financial reserves.
- Education IRA's & Mutual Funds - These types of investment should be discussed with an investment broker.
College Education Costs *
| Your child's age today?
| They will enter college in the year:
| One year at a private college will cost:
| Four years at a private college will cost:
| One year at a two-year public college will cost:
| Two years at a two-year public college will cost:
| One year at a public college will cost:
| Four years at a public college will cost:
|
| 18 |
2007 |
$19,736 |
$85,064 |
$11,581 |
$23,740 |
$14,058 |
$60,590 |
| 17 |
2008 |
$20,723 |
$89,317 |
$12,160 |
$24,927 |
$14,761 |
$63,620 |
| 16 |
2009 |
$21,759 |
$93,783 |
$12,768 |
$26,174 |
$15,499 |
$66,801 |
| 15 |
2010 |
$22,847 |
$98,472 |
$13,406 |
$27,482 |
$16,274 |
$70,141 |
| 14 |
2011 |
$23,989 |
$103,395 |
$14,076 |
$28,856 |
$17,087 |
$73,648 |
| 13 |
2012 |
$25,188 |
$108,565 |
$14,780 |
$30,299 |
$17,942 |
$77,330 |
| 12 |
2013 |
$26,448 |
$113,993 |
$15,519 |
$31,814 |
$18,839 |
$81,197 |
| 11 |
2014 |
$27,770 |
$119,693 |
$16,295 |
$33,405 |
$19,781 |
$85,257 |
| 10 |
2015 |
$29,159 |
$125,678 |
$17,110 |
$35,075 |
$20,770 |
$89,519 |
| 9 |
2016 |
$30,617 |
$131,961 |
$17,965 |
$36,829 |
$21,808 |
$93,995 |
| 8 |
2017 |
$32,147 |
$138,560 |
$18,864 |
$38,670 |
$22,898 |
$98,695 |
| 7 |
2018 |
$33,755 |
$145,488 |
$19,807 |
$40,604 |
$24,043 |
$103,630 |
| 6 |
2019 |
$35,443 |
$152,762 |
$20,797 |
$42,634 |
$25,246 |
$108,811 |
| 5 |
2020 |
$37,215 |
$160,400 |
$21,837 |
$44,766 |
$26,508 |
$114,252 |
| 4 |
2021 |
$39,075 |
$168,420 |
$22,929 |
$47,004 |
$27,833 |
$119,965 |
| 3 |
2022 |
$41,029 |
$176,841 |
$24,075 |
$49,354 |
$29,225 |
$125,963 |
| 2 |
2023 |
$43,081 |
$185,683 |
$25,279 |
$51,822 |
$30,686 |
$132,261 |
| 1 |
2024 |
$45,235 |
$194,967 |
$26,543 |
$54,413 |
$32,220 |
$138,874 |
*Costs based on North Dakota resident on-campus budgets for 2007-2008 with
a 5% annual rate of inflation. North Dakota higher education average of
$3,060 for the combination of personal, recreational and miscellaneous
fees and $800 for books and supplies is included in the cost.
The figures provided are estimates. For specific information, contact the individual college or university of your choice.
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